Euroland Corporate initiates coverage of Wendel with a Buy rating
Euroland Corporate has initiated coverage of Wendel with a 'buy' recommendation and a price target of 112 EUR, implying a potential upside of +28% from current levels for the investment firm's shares.
'Heir to three centuries of history, Wendel is embarking on a major strategic transformation towards a hybrid model combining proprietary investment and asset management,' the brokerage highlights.
According to Euroland Corporate, this repositioning aims to generate more recurring revenue streams, which are better valued by the market. 'In this context, the discount to NAV, currently near -50%, appears excessive,' it notes.
'Supported by a solid balance sheet and recognized financial discipline, the group has clear levers to trigger a gradual re-rating,' says the analyst, who also points to a more transparent shareholder return policy.
Wendel is an investment company specializing in long-term share acquisitions in listed and non-listed companies with leading positions in order to accelerate their growth and development.
Wendel is a shareholder of Bureau Veritas (15% owned as at December 31, 2025; certification and quality control services), Crisis Prevention Institute (CPI; 97.7%; training services), Stahl (68.1%; manufacture of chemical products for surface coating), Tarkett (25.6%; manufacture of floor coverings and sports surfaces), IHS (18.77%; mobile telecommunications infrastructure), ACAMS (97.9%; training and certifications for anti-money laundering and financial crime prevention), Scalian (81.4%; digital transformation and business process management), Globeducate (49.3%; nursery to secondary education), IK Partners (51%; investment fund) and Monroe Capital (72.1%; investment fund).
With Wendel Growth, Wendel invests via funds or directly in innovative, high-growth companies.
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