(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating on Wendel shares, with an unchanged price target of 140 euros.
For the first quarter of 2022, notes the analysis, Wendel publishes a revalued net asset value (ANR) at 165.8 E/share, down -12% compared to the end of 2021 when the price was at 188.1 E/share, and in decrease of -1% compared to Q1 2021.
This development is linked, according to Oddo, ‘to the drop in listed holdings for -0.7 MdE and to the drop in non-listed companies, for 0.8 MdE’.
Beyond the ANR, the analysis office notes above all the good performance of the companies in this first quarter, in particular on the organic growth of certain industrial companies such as Constantia (+18%), testifying to the ability to pass increases significant prices.
Finally Oddo still notes a discount of 46% pro-forma: ‘We are reconstituting a pro-forma NAV of c. 170 E per share, so that the discount amounts to c. 46% based on the current price (historical average -28%). A level that remains high. ‘
And to underline the massive impact of BVI on the group’s NAV. ‘ It will therefore be necessary to carefully monitor the development of confinements in China, which can have a strong and rapid negative impact. ‘
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