(CercleFinance.com) – Degroof Petercam announced on Monday that it had reduced its target price on Wendel, from 108 to 100 euros, while maintaining its recommendation to ‘hold’ on the stock.
In a research note, the Belgian investment house explains that it has revised its earnings estimates on the French private equity firm following the holding of its investor day at the end of 2022.
According to Degroof Petercam, the high discount (44%) on the basis of which the share is currently traded is above all the consequence of the poor performance recorded by its most recent acquisitions.
According to analysts, this gap cannot be filled by the launch of share buybacks, contrary to what some professionals claim, Degroof Petercam believing that the priority of the management team must now be given to the growth of the revalued net assets (ANR).
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