Wendel (AO) | Hold | H1-26 results preview: focus on NAV

研报英文原文证据摘录

Wendel (AO) | Hold | H1-26 results preview: focus on NAV

Wendel Hold | Target Price: EUR92.00

Company description Management

Wendel is a French family-controlled investment holding group focused on long- Laurent Mignon, CEO

term investments. Since the appointment of a new CEO in 2022, Wendel has David Darmon, Deputy CEO

accelerated its shift toward a more fee-generative Private Asset Management Benoit Drillaud, CFO

model, WIM, through IK Partners, Monroe Capital and Committed Advisors, Key shareholders

reshaping its capital allocation. By 2030, Wendel targets WIM to represent at least Free float 54.60%

50% of the portfolio value, increasing recurring fee income and supporting a Wendel-Participations 39.60%

generous cash return policy. Managers and employees 1.30% Treasury shares 4.50%

Investment case Valuation methodology

Appointed in late 2022, the new CEO has initiated a clear Our 12M forward TP is obtained from our SOP-based model in

strategic pivot toward fee-generating Private Asset which we value listed assets at market/KECH TP, unlisted assets

Management, aiming to reduce capital intensity, enhance via peer multiples, and retain the fair value provided by Wendel

earnings visibility and structurally rebalance the group away for its Private asset management activities.

from purely balance-sheet-driven returns. We also apply a 45% discount to reflect the current difficult

Strong balance sheet optionality post-disposals supports environment and the absence of any material company-specific

disciplined capital recycling and shareholder returns. short-term catalysts.

Persistent holding discount and exposure to valuation-sensitive Risks to our rating

unlisted assets limit near-term re-rating. Execution risk in deploying EUR7bn capital plan.