| Company nane | Last research | Date | Analyst |
| Exane BNP Paribas | Equity Research - Wendel
Prefer the listed assets
Underperform (Downgraded from Neutral)
Target price EUR47.0 (+12%)
Sector rating Neutral | 11/10/2008 | Fabien El Haik
|
| Jefferies International Ltd | Enjoying the last rays of sunshine
Company Update
Price target change
Estimate change
Rating: Hold
Price Target: €44.00 (previous: €40) | 07/11/2008 | Alex Barnett |
| Oddo Securities | Equity note: Wendel
Q3 2008 sales showed good resilience
Target price lowered 56.00 vs 80.00 EUR
Recommandation: Add (2) | 07/11/2008 | Quentin Philippe |
| Cheuvreux | Holding Companies - Company News: Wendel
9-month revenues up 9% organically
Rating: 3/Underperform
Target price (6 months): -1% EUR39.00 | 07/11/2008 | Laurent Marie |
| Merrill Lynch | Wendel: Move to Overweight
- Move to Overweight on Wendel debt instruments
- Liquidity is sound
- Headroom under revolver covenants
- Plenty of time to make disposals if necessary
- Market value of total debt equal to cash balance
- Attractive yields, despite potential negative headlines | 17/10/2008 | Rick Mattila |
| Exane BNP Paribas | Equity Research - Wendel: News
Not rated
Target price NA
Sector rating Neutral
Credit rating cut to junk - Recommendation under review
- Credit rating cut to BB+
- More difficult refinancing - in the future
- Main risks: a cut in Saint-Gobain dividend, a potential impairment of the stake (unrealised loss of 2.9bn based on spot prices, including the put, potentially sending the group’s shareholders funds close to 0).
- Rating and target price under review, Wendel trades at a 16% premium to its spot NAV (EUR41). | 10/10/2008 | Fabien El Haik
|
| Cazenove | Wendel : S&P cut rating to BB+ from BBB- and places it on negative watch
Underperform recommendation. | 10/10/2008 | Christopher Brown |
| Deutsche Bank | Company Alert - Company Update: Wendel - Buy
S&P lowered Wendel's debt ratings
- S&P downgrades its LT ratings on Wendel to BB+
- What are the effects? How to reduce the gearing?
Price target (EUR) 109.00 | 10/10/2008 | David Cerdan |
| Oddo Securities | Equity note: Wendel
S&P finally downgrades debt rating to BB+
- Downgrade to BB+, placed on credit watch
- No impact on Wendel out to 2011
- The impact on the share’s valuation
Recommandation: Add (2)
Target Price: 80.00EUR | 10/10/2008 | Quentin Philippe |
| Kepler Capital Markets | Expresso - Wendel: Special event
S&P decided yesterday to downgrade Wendel's credit rating from BBB- (investment
grade) to BB+ (junk bonds).
Credit rating lowered to junk
Hold (vs Hold)
| 10/10/2008 | Laetitia Roy |
| Cheuvreux | Holding Companies - Company News: Wendel
S&P cuts to non-investment grade
- S&P downgrades Wendel to BB+ ("junk" category)
- No implications in current financing
- 3/Underperform rating maintained | 10/10/2008 | Laurent Marie |
| Exane BNP Paribas | Equity Research - Wendel
Confirmation of the rating by S&P
- Confirmation of the rating by S&P
- Potential asset disposals to reduce the LTV
- Current discount to NAV is low
- Target price adjusted to EUR78 (vs EUR85). Neutral rating maintained. | 03/10/2008 | Fabien El Haik
|
| Oddo Securities | Equity note: Wendel
A very good H1, without black spots
- Non-listed holdings publish strong results
- Credit situation remains very healthy
- Small discount, unlikely to widen
Recommandation: Add (2)
Target Price: 80.00EUR | 29/08/2008 | Quentin Philippe |
| Jefferies International Ltd | Making the most of a tough hand
Company Update
Price Target Change
Estimate Change
Rating: Hold
Price Target: €81.00 (Previous : €82.00 | 29/08/2008 | Alex Barnett |
| Société Générale | Equity Research - Wendel - Half-year results
Strong H1 results
Hold (12m)
12m Target: €69.0 | 29/08/2008 | Patrick Jousseaume |
| Cazenove | Wendel: NAV in line with our estimates, but portfolio is very concentrated and the stock looks expensive relative to peers
We reiterate our Underperform recommendation | 29/08/2008 | Christopher Brown |
| Exane BNP Paribas | Equity Research - Wendel
Solid H1 results from private asset.
Target price raised to EUR85 (vs EUR80)
- Strong growth in net profit, thanks to Saint-Gobain and private assets
- Excellent performance from Deutsch, slightly disappointing for Materis
- Not many comments from the conference call
- Neutral rating reiterated. TP raised to EUR85 (vs EUR80) | 29/08/2008 | Fabien El Haik
|
| Société Générale | Equity Research - Wendel - 12m target upgrade
S&P maintains its BBB+ rating, but with the expectation of a LTV reduction
Hold (12m)
12m Target: €69.0 | 20/08/2008 | Patrick Jousseaume |
| HSBC | Wendel : Rating affirmation points towards large asset sales
- S&P afforms Wendel at BBB-, outlook negative
- Significant asset sales required to hit the S&P target
- Wendel cash bonds look attractive again | 13/08/2008 | Philippe Landroit |
| Oddo Securities | Equity note: Wendel
Strong organic growth continue in Q2
- Strong growth continues in the second quarter
- H1 earnings should be satisfactory
Recommendation: Add (2)
Target price: 80.00 EUR | 31/07/2008 | Quentin Philippe |
| Jefferies International Ltd | Good Q2, NAV Gap Opening, Sticking with Hold
Company Update
Price Target Change
Estimate Change
Rating: Hold
Price Target: €82.00 (Previous €103.00) | 31/07/2008 | Alex Barnett |
| Exane BNP Paribas | Equity Research: Wendel
Target price adjusted
- Target price on Saint-Gobain cut to EUR45 (vs EUR58)
- Impact on Wendel’s target NAV: target price cut to EUR71
- Current discount to spot NAV is 11%, still too low. Neutral rating maintained | 30/06/2008 | Fabien El Haik |
| Oddo Securities | Equity note: Wendel
S&P places the group on negative creditwatch
Recommendation: Add (2)
Target price: 97.00 EUR | 09/06/2008 | Quentin Philippe |
| Exane BNP Paribas | Equity Research: Wendel
Placed back on Negative Watch by S&P
- S&P has placed Wendel back on Negative Watch yesterday
- Next step, Wendel’s credit could lose its investment grade status
- Neutral rating and EUR81 target price maintained | 26/06/2008 | Fabien El Haik |
| Cheuvreux | Holding Companies - Company News: Wendel
Creditwatch with negative implications
- S&P puts Wendel on credit watch with neg. implications
- No implications in current financing
- 3/Underperform rating maintained, EUR71 target price | 26/06/2008 | Laurent Marie |
| Deutsche Bank | Company Alert - Catalyst Event: Wendel - Buy
Risk of credit rating downgrade / risk of discount expansion
- Risk of credit de-rating from S&P
- Wendel's liquidity is not at risk but risk of discount expansion
Price target (EUR): 109.00 | 26/06/2008 | David Cerdan |
| Exane BNP Paribas | Equity Research: Wendel
Stallergènes: only short-term relief
Neutral rating maintained;
Target Price: cut to EUR81 (vs EUR96) | 25/06/2008 | Fabien El Haik |
| Merrill Lynch | Move to Underweight-70%
- Move to Underweight-70% on decline in St Gobain shares
- Benefits of Editis disposal eroded
- Other assets also under pressure
- Investment Grade status under threat
| 20/06/2008 | Rick Mattila |
| UBS | Wendel: Diversified Financial
Rating: Buy (from Neutral)
Price Target: €105.0 (from €80.0) | 18/06/2008 | Alessandro D'Erme |
| Goldman Sachs | Wendel : Asset scarcity low and leverage high after Saint-Gobain
Rating: Neutral
Target Price:€86.9 | 17/06/2008 | |
| Cheuvreux | Holding Company - Rating changes
Discount low, rating downgrade from 2/ to 3/
Target Price (6 months): +3% EUR86.00 | 10/06/2008 | Laurent Marie |
| Exane BNP Paribas | Equity Research: Wendel
AGM feedback: long-term targets maintained
Neutral
Target price: EUR96.0 (+11%)
Sector rating: Neutral | 10/06/2008 | Fabien El Haik |
| Oddo Securities | Breaking News
A change in governance at the family holding company SLPS ?
Recommendation: Add (2)
Target Price: 97.00EUR | 09/06/2008 | Quentin Philippe |
| Cheuvreux | Holding Company - Company News: Wendel
Lawsuit: background to the story
Rating: 2/Outperform
Target Price (6 months): +6% EUR97.00 | 05/06/2008 | Laurent Marie |
| Cheuvreux | Holding Company - Daily News: Wendel
Disposal of Editis completed
Rating: 2/Outperform
Target Price (6 months): +6% EUR97.00 | 02/06/2008 | Laurent Marie |
| Deutsche Bank | Wendel: Target Price revision
TP cut to E109 due to weaker
DB TPs on listed assets
Price Target (EUR): 109.00 (vs 126.00)
Buy | 31/05/2008 | David Cerdan |
| Cheuvreux | Holding Company - Company News: Wendel
Feedback from US roadshow
− Active portfolio management with value creation expected
− Investment capacity remains strong (EUR2.55bn available)
− 2/Outperform reiterated with EUR97 target price | 14/05/2008 | Laurent Marie |
| Exane BNP Paribas | Q1 sales a non-event. TP trimmed to EUR96
Target price: EUR96.0
Sector rating: Neutral | 07/05/2008 | Fabien El Haik |
| Oddo Securities | Equity Note: Wendel
Satisfactory Q1 2008 sales with pleasant surprises
Recommendation: Add (2)
Target Price: 97.00EUR | 08/05/2008 | Quentin Philippe |
| Exane BNP Paribas | Equity Research - Wendel
Target price adjusted to EUR98
Sector rating: Neutral
Target Price: EUR98 (+16%) | 23/04/2008 | Fabien El Haik |
| Cheuvreux | Company News: Wendel
Exclusive talks with Planeta on Editis
Rating: 2/Outperform
Target Price: +11% EUR97.00 | 22/04/2008 | Laurent Marie |
| Deutsche Bank | Wendel: Company Alert
Editis: likely disposal in the coming months
- Exclusive negotiations with the Planeta group with a view to selling Editis
- Attractive deal for Wendel, potential uses of cash
Target Price: E126
| 22/04/2008 | David Cerdan |
| Exane BNP Paribas | Equity Research - Wendel
Editis disposal may signal the last catalyst in short term: downgrade to Neutral
Target Price: EUR100 (+14%) | 22/04/2008 | Fabien El Haik |
| Cheuvreux | Company News: Wendel
Possible disposal of Editis this week ?
Rating: 2/Outperform
Target Price: +14% EUR97.00 | 17/04/2008 | Laurent Marie |
| Cheuvreux | Company News: Wendel
Wendel owns 21.2% of Saint-Gobain
Positive portfolio momentum
Positive stance reiterated
Rating: 2/Outperform
Target Price: +13% EUR97.00 | 04/04/2008 | Laurent Marie |
| Exane BNP Paribas | Equity Research - Focus - Wendel
Roadshow feedback: more room to manoeuvre
Outperform rating
Target Price: EUR92 (+10%) | 01/04/2008 | Fabien El Haik |
| Cheuvreux | News Highlights: Wendel
Editis disposal could be on track
- Possible interest from Media-Participations
- Target price adjusted to EUR97 per share
- 2/Outperform rating reiterated, with positive momentum | 28/03/2008 | Fabien El Haik |
| Landsbanki Kepler | Analyst Meeting: Wendel
Reassuring risk profile
Rating: Buy (vs Buy)
Target Price: EUR80.00 | 28/03/2008 | Laetitia Roy |
| Cazenove | European LIsted Private Equity Bulletin
Wendel - 2007 results | 28/03/2008 | Christopher Brown |
| UBS | Wendel: New StGobain financing lowers risk. Price target raised to €80
Rating: Neutral 1( Unchanged)
12m Price Target: €80.00/US$126.85(Prior:€76.00/US$120.51) | 27/03/2008 | Alexandre Dergatcheff |
| Exane BNP Paribas | Equity Research - News - Wendel
Good 2007 results and additional investment in Saint-Gobain
Outperform rating
Target Price: EUR92 (+21%) | 27/03/2008 | Fabien El Haik |
| Deutsche Bank | Wendel: Company Alert
FY07 result review - Buy
Increasing stake in Saint-Gobain and more visibility on financing modalities
FY07 results / dividends of €2
Target Price: E126
| 27/03/2008 | David Cerdan |
| Cheuvreux | Company News: Wendel
Shareholdrs' agreement signed with SGO
- A positive agreement with Saint Gobain
- A positive impact a both companies
- 2/Outperform reiterated, positive portfolio momentum
Target Price (6 months): EUR86.00 | 25/03/2008 | Laurent Marie |
| Exane BNP Paribas | Equity Research - Focus - Wendel
Agreement found with Saint-Gobain?
Outperform rating
Target Price: EUR92 (+26%) | 25/03/2008 | Fabien El Haik |
| Deutsche Bank | Wendel: Company Announcement
Agreement between Wendel and Saint Gobain
Target Price: E126
| 25/03/2008 | David Cerdan |
| Cheuvreux | Company News: Wendel
- An agreement seems close between Wendel and SGO
- Positive impact from this agreement
- 2/Outperform rating reiterated, positive momentum
Target Price (6 months): EUR86.00 | 19/03/2008 | Laurent Marie |
| Exane BNP Paribas | Equity Research - News - Wendel
Towards a compromise with Saint-Gobain?
Outperform rating
Target Price: EUR92 (+26%) | 19/03/2008 | Fabien El Haik |
| Exane BNP Paribas | Equity Research - Wendel
Wendel's liquidity likely to beat the market
Target Price: EUR92 (vs EUR148) | 26/02/2008 | Fabien El Haik |
| Landsbanki l Kepler | Wendel: Betting on Saint Gobain's stake
- Saint Gobain is the key
- Asset allocation justifies a 15% discount
- Fair value of EUR80.00
Rating: Buy
Target Price: EUR80.00 | 15/02/2008 | Laetitia Roy |
| HSBC | Wendel: Positive and negative sides of leverages; OW, reduce TP to EUR89 (vs EUR155)
- Wendel has invested EUR4.85bn in Saint-Gobain at EUR72.5 per share on average - according to our estimates - vs Saint6gobain's current share price aroiund EUR50
- Wendel's discount to RNAV is currently over 20% and set to last, in our view, in the short term
- We estimate RNAV at EUR83 per share now. New 12-month target price: EUR89 (vs EUR155). Reiterate Overweight rating | 12/02/2008 | Pierre Bosset |
| Deutsche Bank | Wendel: Results Review - Buy
FY07 sales review
- FY07 figures quite in line, stronger-than-expected performance for BV, its largest controlled asset
- Valuation: TP of E126, upside potential of 80% | 07/02/2008 | David Cerdan |
| Cheuvreux | Company News: Wendel
- FY 2007 revenues up 7% organically
- Strong dynamic on all underlying assets
- 2/Outperform rating reiterated
Target Price (6 months): EUR86.00 | 07/02/2008 | Laurent Marie |
| Deutsche Bank | Wendel: Results Preview - Buy
FY07 sales on 7 Feb. / DB TP adjusted at E126 per share
- FY07 sales on 7 February
- Financial structure remains solid
- Target Price adjusted to E126
| 04/02/2008 | David Cerdan |
| Cheuvreux | Company News: Wendel
Disposal of Editis?
- Planeta could be in the race
- EUR2 tp EUR4 p.s. positive impact if price confirmed
- 2/Outperform reiterated
Target Price (6 months): EUR86.00 | 04/02/2008 | Laurent Marie |
| Lehman Brothers | Wendel: Change of Price Target
Still sailing despite the storm
Stock Rating: 2-Equal weight (old: 2-Equal weight )
Target Price: EUR 85.00 (old: EUR 139.00)
Sector View: 1-Positive
| 31/01/2008 | Thierry Auvinet |
| Cheuvreux | Company News: Wendel - S&P's downgrade to BBB-
- Wendel downgraded to BBB- by S&P
- Current financing secure
- 2/Outperform reiterated
Target Price (6 months): EUR86.00 | 28/01/2008 | Laurent Marie |
| UBS | Wendel: St Gobain deal squeezez Wendel's NAV
Rating: Neutral 1( Unchanged)
12m Price Target: €66.00/US$95.34(Prior:€118.00/US$170.46) | 22/01/2008 | Alexandre Dergatcheff |
