Wendel (WNDLF)
UnterbewertetFundamental
43
Kurs
$78.85
Marktkapitalisierung
$3.13B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Wendel is a French investment holding company: it does not sell a product of its own, it buys controlling or influential stakes in other companies and manages them over long horizons, then eventually sells. It also runs a separate business managing private-market funds for outside investors — the IK Partners and Monroe Capital platforms, together overseeing about €47 billion of third-party money. Its own capital, valued at €164.2 net asset value per share at the end of 2025, is invested across roughly a dozen companies spanning testing and certification, education, professional training, engineering consulting and specialty chemicals.
Wie das Geld verdient wird
Wendel's consolidated financial statements report the full sales of the portfolio companies it controls, not just its share of their profits, which is why its reported 2025 net sales of about €7.6 billion are dominated by Bureau Veritas, a testing and certification company Wendel controls through governance rights despite owning only about a quarter of its shares. Companies where Wendel holds influence but not control, such as Tarkett and Globeducate, are booked only as a share of profit rather than added to consolidated sales. On top of this, Wendel earns management fees from the private-fund platforms it operates for outside investors.
Die Argumente dafür
Buyers argue that Wendel's stock has historically traded at a discount to the sum of its stakes' market and private valuations, that a shift toward managing third-party private-fund capital diversifies income away from any single portfolio company, and that experienced, long-horizon ownership lets the underlying businesses invest without quarterly pressure.
Die Argumente dagegen
Sellers fear that a holding company's value depends on decisions made inside businesses it does not fully own, that concentration in a handful of large stakes such as Bureau Veritas leaves little room for error in any one of them, and that the conglomerate discount can persist indefinitely rather than close.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilanz & Liquidität
Umsatz
$6.71B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$-78M
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
$-353M
Gesamtes Eigenkapital
$3.07B
Gesamtverbindlichkeiten
$5.65B
Current Ratio
1.38
Zinsdeckungsgrad
-
Schulden/EBITDA
5.34
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$130.96
Aktueller Kurs
$78.85
Sicherheitsmarge
+39.8%
Innerer-Wert-Spanne
$100.59 - $161.33
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
-
ROE
8.0%
P/B-Verhältnis
1.01
P/FCF
-
Bruttomarge
11.6%
ROIC
9.0%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
9.0%
WACC
3.9%
ROIC − WACC
+5.1 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (7)
- ROIC 9.0%
- P/B Ratio 1.01
- Debt/Equity ratio
- Operating Margin 12.5%
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 75% Buy
Nicht bestanden (8)
- Price CAGR -2.80%
- Gross Margin 11.6%
- Positive Free Cash Flow
- DCF valuation (Unknown)
- ROE -2.6%
- Revenue Growth 5Y 2.1%
- Net Margin Trend -2.0% vs 3.6%
- Piotroski F-Score 2/9
Nicht verfügbar (12)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Earnings Surprise (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Niedrige Qualität: Rechnungslegung prüfen
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Für dieses Unternehmen liegen keine institutionellen Meldungen vor.
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Laurent Mignon | Group CEO & Chairman of the Executive Board | 62 |
| Mr. David Darmon | Deputy CEO & Member of Executive Board | 52 |
| Ms. Harper Mates | MD, CEO of Wendel NA & Employee Representative Member of Supervisory Board | 43 |
| Mr. Benoit Drillaud | Chief Financial Officer | 50 |
| Mr. Cyril Marie | Executive VP of Asset Management & Member of Executive Board | 51 |
| Mr. Sébastien Metzger | General Counsel | 44 |
| Ms. Christine Anglade-Pirzadeh | Director of Communications, ESG & Sustainable Development and Advisor to the Executive Board | 54 |
| Ms. Laure Delabeye | Director of Human Resources & Services | 54 |
| Mr. Jérôme Michiels | Executive Vice President | 50 |
| Mr. Nabil Bennis | Head of Valuation & Investment Strategy Performance Monitoring | 35 |
Prüfungsrisiko
5
Vorstandsrisiko
6
Vergütungsrisiko
2
Aktionärsrechterisiko
7
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for WNDLF, sourced from Markets Gazette.