Wendel: Oddo a buyer after offer for Allied Universal

(CercleFinance.com) - Oddo has confirmed its target price of 140 euros for the Wendel share.


According to the broker, on this basis the stock's discount relative to its NAV would currently be nearly 33% which justifies its Buy rating (Wendel has an historical discount of over 25%).

Wendel has announced that it has received an offer for the repurchase of approximately 40% of its stake in Allied Universal, by the Caisse de Dépôt et Placement du Québec (CDPQ), for an enterprise value of over 7 billion dollars.

Oddo says that this valuation exceeds its own valuation of Allied Universal in Wendel's NAV, which it estimates at 4.8 billion dollars.

The broker stated that, after the transaction, Wendel will retain a stake interest of approximately 18% in Allied Universal and is expected to receive approximately 350 million dollars in cash.



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