Oddo maintains its Outperform rating on Wendel shares, with an unchanged price target of 115 euros.

The research firm reports that Wendel published its 2022 results last night, with NAV of E7.5 bn, or E167.9 per share (gross assets being E8.9 bn), up 8.3% vs. Q3 2022 and down 9.2% for the year, i.e. 'rather encouraging' results.

Looking beyond the 2022 results, the press release mentions the Group's new strategic orientations, namely the desire to accelerate its investment policy, with a target of 2.0 BnE of deployment (acquisitions) over the next 2 years, and the development of third-party asset management.

Based on current listed company prices, we recalculate NAV at c. 174 E, implying a current discount of 43%, a very high level (average discount since 2007: -27%), while Wendel's balance sheet remains very healthy", says the broker.

In addition, Oddo believes that the new momentum created by the arrival of Laurent Mignon should lead to renewed interest in the stock.

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