Wendel (WNDLF)
割安ファンダメンタル
43
株価
$78.85
時価総額
$3.13B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
強気材料
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.
弱気材料
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 2026年8月18日
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.
貸借対照表と流動性
売上高
$6.71B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$-78M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$-353M
自己資本合計
$3.07B
負債合計
$5.65B
流動比率
1.38
利払い倍率
-
負債/EBITDA
5.34
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$130.96
現在株価
$78.85
安全マージン
+39.8%
適正価値レンジ
$100.59 - $161.33
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
-
ROE
8.0%
P/B レシオ
1.01
P/FCF
-
粗利益率
11.6%
ROIC
9.0%
収益性レーダー
価値創造（経済的モート）
ROIC
9.0%
WACC
3.9%
ROIC − WACC
+5.1 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（7）
- ROIC 9.0%
- P/B Ratio 1.01
- Debt/Equity ratio
- Operating Margin 12.5%
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 75% Buy
不合格（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
データなし（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-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 |
監査リスク
5
取締役会リスク
6
報酬リスク
2
株主権利リスク
7
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for WNDLF, sourced from Markets Gazette.