Wendel: Oddo raises its target price after AGM.
(CercleFinance.com) - Oddo has confirmed its buy rating on Wendel, after it the group's AGM.
The broker has raised its target price to 142 euros (vs. 132 euros previously). Its analysts believe that in the end, the current prices of its listed assets mean an NAV estimate of 177 euros per share, which represent a discount of around 25%.
At its Annual General Meeting, Wendel published a new NAV on 5 May: it stood at 8.146 billion euros, up 23.9% over 12 months, or 172.9 euros per share.
Oddo said that this evolution is close to its estimates, as by using identical prices for listed assets (average of the last 20 trading days to 5 May), its NAV works out at 8,277 million euros.
At its AGM, Wendel also reported Q1 sales. Analysts point out that this is fairly dynamic, rising by 10.1% to 2,146.8 million euros, with like-for-like growth reaching +1.6%.
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