| Sociétés | Titres de l'étude | Dates | Analystes |
| Lehman Brothers | WENDEL: Company Update
Investor Day update: targets confirmed
Stock Rating: 2-Equal weight (old: 2-Equal weight)
Target Price : EUR 139.00 (old: 139.00)
Sector View: 1-Positive | 21/12/2007 | Thierry Auvinet |
Société Générale
| Equity Research - Wendel - Réunion d'analystes : la décote par rapport à l'ANR instantané atteint 25%
Recommandation : Achat
Objectif de cours 12m : 130,0€ (vs 127%) | 19/12/2007 | Patrick Jousseaume |
| Exane BNP Paribas | Equity Research - Focus
Analysts' day feedback: slow portfolio rotation expected in the short term
Outperform
Target Price: EUR148.0 | 19/12/2007 | Fabien El Haik |
| Cheuvreux | Daily news - Wendel: Feedback from Investor Day
2/Outperform
Target Price(6 months): EUR142.00 | 19/12/2007 | Laurent Marie |
| Deutsche Bank | Company Alert - Catalyst Event
Feedback from Investors' Day: unchanged confidence in SGO
Buy Rating
Pice Target (EUR): 135.00 | 19/12/2007 | David Cerdan |
| Exane BNP Paribas | Equity Research - Focus
Wendel: Analysts' day on 18 December: 20% discount to capture
Outperform
Target Price: EUR148.0 | 12/12/2007 | Fabien El Haik |
| UBS | Saint-Gobain: An attractive investment but financing is agressive
Rating: Neutral 1 (Unchanged)
Price Target: €118/US$172.93 | 12/12/2007 | Alexandre Dergatcheff |
Société Générale
| Equity Research - Wendel - Réinit. de couverture: Attractif en dépit des interrogations sur Saint-Gobain
Recommandation : Achat
Objectif de cours 12m : 127,0€ | 06/12/2007 | Patrick Jousseaume |
| Exane BNP Paribas | Equity Research - News
Wendel owns 17.87% of Saint-Gobain and should stop buying soon
Outperform
Target Price: EUR161.0 | 29/11/2007 | Fabien El Haik |
| Cheuvreux | Daily news - Wendel: The group owns 17.9% of Saint-Gobain
2/Outperform
Target Price(6 months): EUR142.00 | 29/11/2007
| Laurent Marie |
| Lehman Brothers | WENDEL: Change of Price Target
The return of the discount
Stock Rating: 2-Equal weight (old: 2-Equal weight)
Target Price : EUR 139.00 (old: 150.00)
Sector View: 1-Positive | 22/11/2007 | Thierry Auvinet |
| Cazenove | European Listed Private Equity Bulletin
Wendel - St Gobain and NAV update
Underperform
| 09/11/2007 | Christopher Brown |
| Exane BNP Paribas | Equity Research - News
Q3 sales and NAV release: 11% value creation in 3 months
Outperform
Target Price: EUR161.0 | 08/11/2007 | Fabien El Haik |
| Jefferies International Ltd | Wendel - Q3 In Line, Discount to the Fore
Rating: BUY
Price Target: EUR153.00 | 08/11/2007 | Alex Barnett |
| Deutsche Bank | Company Alert - Company Announcement
SGO rationale, NAV by Wendel at E135/share
Buy Rating
Pice Target (EUR): 145.00 | 08/11/2007 | David Cerdan |
| Jefferies International Ltd | Wendel - Deep Discounting
Rating: BUY
Price Target: EUR153.00 | 07/11/2007 | Alex Barnett |
| Exane BNP Paribas | Equity Research - Focus
Saint-Gobain stake raised to 15.5% and deal rationale explained
Outperform
Target Price: EUR161.0 | 07/11/2007
| Fabien El Haik |
| Cheuvreux | Company News: Wendel - The Group owns 15.5% of Saint-Gobain
2/Outperform
Target Price: EUR153.00 | 07/11/2007
| Laurent Marie |
| Exane BNP Paribas | Equity Research - Update
Wendel - Take advantage of the 15% discount
- 15% discount to the spot NAV
- Saint-Gobain: a surprising but clever move
- Discount to NAV should gradually reverse
Outperform
Target Price: EUR157.0 | 31/10/2007 | Fabien El Haik |
| Cheuvreux | Wendel: Buy opportunity on current weakness
2/Outperform
Target Price: EUR153.00 | 30/10/2007
| Laurent Marie |
| Cheuvreux | Success of the Bureau Veritas IPO
2/Outperform
Target Price: EUR153.00 | 24/10/2007
| Laurent Marie |
| Cheuvreux | Daily News - Bureau Veritas IPO process
2/Outperform
Target Price: EUR153.00 | 11/10/2007
| Laurent Marie |
| Jefferies International Ltd | Wendel - Getting the Show on the Road
Rating: BUY
Price Target: EUR146.00 | 09/10/2007 | Alex Barnett |
| Lehman Brothers | WENDEL: Change of Price Target
Challenging but exciting times ahead
Stock Rating: 2-Equal weight (old: 2-Equal weight)
Target Price : EUR 150.00 (old: 115.00) | 09/10/2007 | Thierry Auvinet |
| Cheuvreux | Daily News - A 6% stake in Saint-Gobain, right move in terms of investment strategy
2/Outperform
Target Price: EUR153.00 | 27/09/2007
| Laurent Marie |
| Cheuvreux | Daily news - Wendel - Disposal of 2.3% owned in Neuf Cegetel for EUR139m
2/Outperform
Target Price: EUR163.00 | 14/09/2007
| Laurent Marie |
| Exane BNP Paribas | Equity Research - News
Positive message despite the current environment
Outperform
Target Price: EUR148.0 | 04/09/2007 | Fabien El Haik |
| Jefferies International Ltd | Wendel - In line H1 - Waiting (a bit longer) for BV
Company Update
Estimate Change
Rating: BUY
Price Target: EUR146.00 | 31/08/2007 | Guy Thornewill |
| Deutsche Bank | Company Alert - Results Review: Wendel - H107 results review
Buy Rating
Pice Target (EUR): 156.00 | 31/08/2007 | David Cerdan |
| Exane BNP Paribas | Equity Research - Focus
Solid H1 results, NAV in line - Bureau Veritas IPO confirmed
Outperform
Target Price: EUR148.0 | 31/08/2007 | Fabien El Haik |
| Cheuvreux | Wendel - Good H1 2007 results, 30% growth in NAV during the 12 months to end August
2/Outperform
Target Price: EUR163.00 | 31/08/2007
| Laurent Marie |
| Deutsche Bank | Company Alert - Results Review: Wendel - H107 results preview
Buy Rating
Pice Target (EUR): 156.00 | 24/08/2007 | David Cerdan |
| Exane BNP Paribas | Equity Research - Preview
H1 results on 30 August: 28% yoy rise in NAV expected
Outperform
Target Price: EUR148.0 | 28/08/2007 | Fabien El Haik |
| Deutsche Bank | Company Alert - Results Review: Wendel - H107 sales review
Unsurprising H107 performance
Buy Rating
Pice Target (EUR): 156.00 | 26/07/2007 | David Cerdan |
| Exane BNP Paribas | Equity Research - Focus: Slight sales slowdown in Q2
Target price adjusted with decline of markets' multiples
Outperform
Target Price: EUR156.0 | 26/07/2007 | Fabien El Haik |
| Aurel Leven | 24H sur les actions : Wendel
Un savoir faire industriel et financier
- actionnaire à long terme, Wendel crée de la valeur dans ses participations
- les performances passées mérirent une prime sur ANR et non une décote
- initiation à Acheter avec un objectif de cours à 165 euros | 12/07/2007 | Julien Guez |
| Cheuvreux | Wendel - Strong revaluation expected between now and end 2007
2/Outperform
Target Price: EUR163.00 | 10/07/2007
| Laurent Marie |
| Cheuvreux | New Report: Wendel - Target price upgraded to EUR163 per share
2/Outperform
Target Price: EUR163.00 | 10/07/2007
| Laurent Marie |
| Exane BNP Paribas | Equity Research - Focus: Roadshow feedback: the future is bright
Outperform
Target Price: EUR163.0 | 06/07/2007 | Fabien El Haik |
| Cheuvreux | Company News: Wendel - Towards a disposal of Stallergènes?
2/Outperform
Target Price: EUR145.00 | 02/07/2007
| Laurent Marie |
| Exane BNP Paribas | News - Bond issue and build-up strategy ongoing at Editis
Outperform
Target Price: EUR156.0 | 15/06/2007 | Fabien El Haik |
| Exane BNP Paribas | Focus - AGM feedback: 8.5% value creation in three months, more to come within five years
Outperform
Target Price: EUR156.0 | 05/06/2007 | Fabien El Haik |
| Jefferies International Ltd | Wendel Investissement - Bureau Veritas IPO Moves a step closer
Rating: BUY
Price Target: EUR156.00 | 05/06/2007 | Guy Thornewill |
| Exane BNP Paribas | Focus - Wendel Investissement - Fundamental and speculative reasons to continue to buy: target price upgraded to EUR156
Outperform
Target Price: EUR156.0 | 23/05/2007 | Fabien El Haik |
Société Générale
| WENDEL Investissement : Vers une cession de Legrand ?
Achat (12m)
Objectif de cours 12m : 150.0€ | 18/05/2007 | Patrick Jousseaume |
Société Générale
| WENDEL Investissement : 12m target upgrade
Restated NAV/share up more than 15% since early March
Buy (12m)
Target price: Upgrader to €150 (vs €129) | 16/05/2007 | Patrick Jousseaume |
| UBS | First Read: Wendel
Q1 sales: strong start for Bureau Veritas and Materis
Rating: Neutral 1(Unchanged)
Price Target: €140.00/US$189.74 (Unchanged) | 04/05/2007 | Alexandre Dergatcheff |
| Exane BNP Paribas | Wendel Investissement - Strong Q1 sales
Outperform
Target Price: EUR148.0 | 03/05/2007 | Fabien El Haik |
| Deutsche Bank | Company Alert: Wendel Investissement - A strong start to the year, PT lifted from E145 to E152
Buy
Pice Target (EUR): 152.00 | 03/05/2007 | David Cerdan |
| UBS | Wendel Investissement: NAV estimate raised to €140 on BV and Materis upgrades
Rating: Neutral 1(Unchanged)
Price Target: €140.00/US$191.01 | 27/04/2007 | Alexandre Dergatcheff |
| Exane BNP Paribas | Wendel Investissement - The moment of Veritas
Outperform
Target Price: EUR148.0 | 17/04/2007 | Fabien El Haik |
| Deutsche Bank | Company Alert: Wendel Investissement - International expansion in Asia
Buy
Pice Target: EUR145.00 | 11/04/2007 | David Cerdan |
| HSBC | Flashnote :
WENDEL Investissement: Régime de croisière
- ANR en progression de 35% par an à EUR117 d'après la société et EUR129 d'après HSBC
- Simplification de la structure de l'actionnariat et annulation de près de 10% du capital
- Notation Surpondérer maintenue avec un objectif de cours relevé de EUR145 à EUR155 | 03/04/2007 | Pierre Bosset |
| Deutsche Bank | Company Alert - Catalyst Event: Wendel Investissement - Simplification of the shareholding and consequences
Buy
Pice Target: EUR145.00 | 03/04/2007 | David Cerdan |
| Jefferies International Ltd | Wendel Investissement - Bureau Veritas steals the show - Upgrading to buy
Rating change: BUY (previous: Hold)
Price Target change: EUR143.00 (previous: EUR125.00) | 02/04/2007 | Guy Thornewill |
| Lehman Brothers | Wendel Investissement - Change of Price Target
Good perf supported by robust NAV growth
Stock Rating: 2-Equal weight
Target Price: EUR 115.00 (old: EUR105.00) | 30/03/2007 | Sumana Mallick |
| Exane BNP Paribas | Wendel Investissement - Focus
Positives and negatives: overall neutral to our investment case
Outperform
Target Price: EUR141.0 | 30/03/2007 | Fabien El Haik |
| Deutsche Bank | Company Review: FY06 results preview / BV's projected IPO
Buy
Pice Target: EUR145.00 | 29/03/2007 | David Cerdan |
| Exane BNP Paribas | Wendel Investissement - Focus
FY results and NAV released
Outperform
Target Price: EUR141.00 | 29/03/2007 | Fabien El Haik |
Société Générale
| Instant reaction
WENDEL Investissement : Résultats annuels - ANR conforme à notre estimation
Sous revue
| 29/03/2007 | Patrick Jousseaume |
| Deutsche Bank | Results Preview: FY06 results preview - TP lifted to E135 from E140
Buy | 23/03/2007 | David Cerdan |
| Jefferies International Ltd | Wendel Investissement - 2006 Results Preview
Rating: Hold
Target Price: EUR125.00 | 23/03/2007 | Guy Thornewill |
| Exane BNP Paribas | Wendel Investissement - News
Wolters Kluwer education will not go to Editis
Outperform
Target Price: EUR141.00 | 23/03/2007 | Fabien El Haik |
| Exane BNP Paribas | Wendel Investissement - Preview
FY06 results on 29 March - Towards a new round of performance
Outperform
Target Price: EUR141.00 | 22/03/2007 | Fabien El Haik |
| Cheuvreux | Wendel Investissement: M&A activity for subsidiaries - Portfolio dynamic intact
2/Outperform
Target Price: EUR138.00 | 20/03/2007
| Laurent Marie |
| Deutsche Bank | Company Alert: Small acquisition for Editis
Editis: acquisition of De Boeck Group
And maybe more to come for Editis
Buy rating
Price Target (EUR): 140.00 | 20/03/2007 | David Cerdan |
| Cheuvreux | Wendel Investissement: Ongoing momentum in 2007; target price raised to EUR138
2/Outperform | 02/03/2007 | Laurent Marie |
Société Générale
| WENDEL Investissement : Reco. relevée. Hausse de plus de 10% de l'ANR par action depuis début décembre
Achat (12m) (conserver)
Objectif de cours 12m : 129.0€ | 05/03/2007 | Patrick Jousseaume |
| Cheuvreux | Wendel Investissement: Target price upgrade to EUR138
2/Outperform | 19/02/2007 | Laurent Marie |
| Cheuvreux | Wendel Investissement: in the race for Wolters Kluwer's education business
Target Price: EUR 122.00
2/Outperform | 13/02/2007 | Laurent Marie |
| Kepler | Wendel Investissement: Editis interested in Wolters Kluwer's education division
Opinion: Buy (Vs Buy) Price Target: EUR132 | 13/02/2007 | Jean-Pierre Dmirdjian |
| UBS | Wendel Investissement: Good full year sales
Rating: Neutral (Unchanged)
Price Target: €119.00/US$154.78 (Unchanged | 09/02/2007 | Alexandre Dergatcheff |
| Deutsche Bank | Company Alert: Results Review - WENDEL Investissement
FY06 sales review: good Q4 06 for Bureau Veritas and Materis
Buy rating
Price Target (EUR): 140.00 | 09/02/2007 | David Cerdan |
| Cheuvreux | Wendel Investissement: FY 2006 sales in line
Target Price: EUR 122.00
2/Outperform | 09/02/2007 | Laurent Marie |
| Kepler | Wendel Investissement: Q4 sales
NAV lifted at EUR 132 per share
Buy (vs Buy) | 09/02/2007 | Jean-Pierre Dmirdjian |
| UBS | NAV estimate raised to €119
- Rolling over Bureau Veritas NAV estimate to 2007
- Strong cash flow generation for Editis
- Anticipated 15% IRR on Materis and Deutsch acquisitions (2006)
- Valuation: Price target increased to €119
Rating: Neutral1 (Unchanged) | 31/01/2007 | Alexandre Dergatcheff |
| HSBC | WENDEL Investissement: valuation Boosted by Bureau Veritas
- Wendel's shares are again trading at a premium to NAV (EUR107 reported by the company at the end of November); HSBC estimates WENDEL's NAV at EUR125
- Group's targets for 2012: doubling NAV and increasing the dividend by 15% p.a.
- Overweight rating maintained. We raise our 12-month target price to EUR145 from EUR129 | 17/01/2007 | Pierre Bosset |
| Deutsche Bank | Revisiting our Buy case
- Unjustified underperformance of WENDEL since mid-November 06
- Undervaluation of WENDEL's portfolio
- Potential catalysts in 2007
- Buy rating, target price of EUR140 (upside potential of 27%) | 15/01/2007 | David Cerdan |
