Wendel (1K) | Hold | Valuations /prospects remain the key concern

研报英文原文证据摘录

Wendel (1K) | Hold | Valuations /prospects remain the key concern

#EstimatesRevision

Release date: 10 July 2026

Company research

ESG profile HoldWendel

France | Holding companies Beta Profile: MCap: EUR3.6bn

Target Price: EUR92.00 Change in TP: 0.0 % Bloomberg: MF FP Reuters: MWDP.PA

Current Price: EUR81.30 Change in Sales: -14.2% 26E/-15.9% 27E Free float 55%

Up/downside: 13.2% Change in Adj EBIT: -39.9% 26E/-39.6% 27E Avg. daily volume (EURm) 8.3

YTD abs performance -1.1% Market data: 09 July 2026 Change in Adj. EPS: -72.4% 26E/-71.2% 27E

52-week high/low (EUR) 93.70/74.50

Valuations /prospects remain the key concern Price performance

Why this report?

We preview Wendel's H1 2026 results ahead of the 30 July publication, with

the focus once again on the group's updated NAV. While operating trends

across WIM should remain satisfactory, with AuM continuing to slightly grow

despite redemptions, we expect valuation headwinds to dominate the

release. We believe Wendel could revise down the valuation of part of its

unlisted portfolio, reflecting the continued compression in public market

multiples applied to comparable companies. The same reasoning could also

affect the valuation of its Asset Management platform despite positive

fundraising momentum. We leave our estimates broadly unchanged,

maintain our SOTP-derived TP of EUR92 and reiterate our Hold rating, as the

46% discount to spot NAV is justified by persistent valuation uncertainty and

a difficult Private Equity / Credit backdrop. FY to 31/12 (EUR) 12/26E 12/27E 12/28E

Sales 7,857 8,225 8,616

Key findings EBITDA adj. 1,076 1,158 1,245

Another lower NAV expected at H1: we expect Wendel's reported NAV to decline EBIT adj. 895 969 1,046

Net profit adj.