Financials Wendel

Equities

Market Closed - Euronext Paris Other stock markets 11:35:26 2024-04-26 am EDT			5-day change	1st Jan Change
94.65 ^EUR	+1.23%		+0.58%	+17.36%

Apr. 26	WENDEL : Wendel delivers and it pays off
Apr. 26	Transcript : Wendel, Q1 2024 Sales/ Trading Statement Call, Apr 26, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,187	4,292	4,603	3,782	3,508	4,099	-	-
Enterprise Value (EV) ¹	9,677	7,934	8,306	6,581	3,508	3,655	3,973	4,287
P/E ratio	13.2 x	-16.2 x	4.43 x	5.84 x	25.2 x	5.42 x	20.3 x	11.5 x
Yield	2.45%	2.86%	2.75%	3.67%	-	4.14%	4.14%	4.35%
Capitalization / Revenue	0.61 x	0.58 x	0.61 x	0.43 x	0.49 x	0.5 x	0.48 x	0.47 x
EV / Revenue	1.13 x	1.06 x	1.11 x	0.76 x	0.49 x	0.44 x	0.47 x	0.49 x
EV / EBITDA	7.11 x	5.88 x	6.07 x	4.05 x	2.02 x	2.67 x	3.13 x	-
EV / FCF	8.43 x	6.73 x	7.07 x	5.38 x	-	4.45 x	4.84 x	5.22 x
FCF Yield	11.9%	14.9%	14.1%	18.6%	-	22.5%	20.7%	19.2%
Price to Book	2.14 x	2.14 x	1.77 x	1.36 x	-	0.88 x	0.81 x	0.74 x
Nbr of stocks (in thousands)	43,769	43,821	43,671	43,369	43,497	43,302	-	-
Reference price ²	118.5	97.95	105.4	87.20	80.65	94.65	94.65	94.65
Announcement Date	3/18/20	3/18/21	3/18/22	3/16/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,562	7,459	7,504	8,700	7,128	8,237	8,536	8,769
EBITDA ¹	1,362	1,350	1,368	1,626	1,738	1,368	1,271	-
EBIT ¹	1,111	878	1,073	1,251	1,144	1,250	1,213	1,322
Operating Margin	12.98%	11.77%	14.3%	14.38%	16.05%	15.18%	14.21%	15.07%
Earnings before Tax (EBT) ¹	-	-	-	-	703.4	1,496	1,035	1,158
Net income ¹	399.7	-264.1	1,047	656.3	142.4	776	206.8	377
Net margin	4.67%	-3.54%	13.95%	7.54%	2%	9.42%	2.42%	4.3%
EPS ²	8.950	-6.030	23.78	14.93	3.200	17.47	4.665	8.240
Free Cash Flow ¹	1,148	1,179	1,174	1,224	-	821.5	821.5	821.5
FCF margin	13.41%	15.81%	15.65%	14.07%	-	9.97%	9.62%	9.37%
FCF Conversion (EBITDA)	84.3%	87.37%	85.87%	75.26%	-	60.07%	64.63%	-
FCF Conversion (Net income)	287.27%	-	112.19%	186.48%	-	105.86%	397.2%	217.9%
Dividend per Share ²	2.900	2.800	2.900	3.200	-	3.922	3.923	4.120
Announcement Date	3/18/20	3/18/21	3/18/22	3/16/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,490	3,642	3,703	2,799	-	-	-	188
Net Cash position ¹	-	-	-	-	-	444	126	-
Leverage (Debt/EBITDA)	3.297 x	2.699 x	2.707 x	1.721 x	-	-	-	-
Free Cash Flow ¹	1,148	1,179	1,175	1,224	-	822	822	822
ROE (net income / shareholders' equity)	3.73%	3.49%	11.1%	24.4%	-	17.9%	11.8%	11.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	55.40	45.70	59.60	64.20	-	107.0	117.0	129.0
Cash Flow per Share ²	31.90	32.00	32.40	34.10	-	23.30	13.40	16.60
Capex ¹	276	219	249	269	-	272	-	-
Capex / Sales	3.23%	2.94%	3.32%	3.1%	-	3.3%	-	-
Announcement Date	3/18/20	3/18/21	3/18/22	3/16/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

A-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

94.65 EUR

Average target price

115.3 EUR

Spread / Average Target

+21.85%

	1st Jan change	Capi.
WENDEL	+17.36%	4.38B
KOÇ HOLDING	+53.03%	16.95B
INVESTMENT AB LATOUR	+3.20%	15.78B
AB INDUSTRIVÄRDEN	+7.21%	13.87B
L E LUNDBERGFÖRETAGEN AB	-0.77%	12.3B
HAL TRUST	+9.67%	12.04B
BAJAJ HOLDINGS & INVESTMENT LIMITED	+6.24%	10.88B
MERITZ FINANCIAL GROUP INC.	+34.86%	10.17B
GROUPE BRUXELLES LAMBERT SA	-1.71%	9.7B
WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED	-0.98%	7.64B