(CercleFinance.com) – Oddo maintains its outperformance rating on Wendel shares, with an unchanged price target of 115 euros.
The analysis office reports that Wendel published its 2022 results last night with an NAV of 7.5 billion euros, or 167.9 euros per share (gross assets being at 8.9 billion euros), up 8.3% vs Q3 2022 and down 9.2% over the year, ie ‘rather encouraging’ results.
Beyond the 2022 results, the press release mentions the new strategic orientations, namely the desire to accelerate the group’s investment policy, with a deployment objective of 2.0 MdE (acquisitions) in the next 2 years, and the development in asset management for third parties.
‘Based on the prices of current listed companies, we recalculate an NAV at c. 174 E, inducing a current discount of 43%, a very high level (average discount since 2007: -27%), while Wendel’s balance sheet remains very healthy’, indicates the broker.
In addition, Oddo believes that the new momentum generated by the arrival of Laurent Mignon should bring renewed interest in the title.
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