Degroof Petercam announced on Monday that it had lowered its price target for Wendel from €108 to €100, while maintaining its 'hold' recommendation on the stock.

In a research note, the Belgian investment house explains that it has revised its earnings estimates on the French private equity firm following its investor day at the end of 2022.

According to Degroof Petercam, the high discount (44%) on which the share is trading today is primarily the consequence of the poor performance recorded by its most recent acquisitions.

According to analysts, this gap cannot be bridged by launching share buybacks, contrary to what some professionals are saying, as Degroof Petercam believes that the management team's priority must now be to achieve growth in net asset value (NAV).

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