olivLaw · European equity research
Wendel MF.PA
France · Euronext Paris · ISIN FR0000121204 · Vertical: Listed companies from France
Wendel is an investment company holding controlling stakes in businesses such as Bureau Veritas, where revenue for 2025 reached 6 466,4 million EUR, and CPI, the global leader in crisis prevention training. Its current relevance lies in a dual strategy that combines direct holdings with third-party asset management through the partnership with IK Partners, which the supervisory board sees as a major issue for the period ahead.
At the close of 05 Nov 2026, Wendel (MF.PA) stock was 89.90 EUR (+1.07% on the day), with market capitalisation 3.8 bn EUR, dividend yield 5.23%, beta 0.75, 52-week range 74.50–91.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 81.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 77.52 – 89.21
- above the upper band · %B 1.06 · band width 14.0%
- SMA 50 / 200
- 82.93 / 83.80
- mixed trend
- MACD (12, 26, 9)
- 1.76 / 0.88
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.6% | −0.6% | +15.2 pp | — |
| 3 months | +3.9% | −4.2% | +8.1 pp | — |
| 6 months | +2.2% | +4.3% | −2.2 pp | — |
| Year to date | +9.4% | +7.5% | +1.9 pp | — |
| 1 year | +12.2% | +9.9% | +2.3 pp | −6.8% |
| 3 years | +21.9% | +49.8% | −27.9 pp | −15.9% |
| 5 years | −22.8% | +42.8% | −65.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.3 bn | 7.3 bn | 7.8 bn |
| Revenue YoY | unavailable | +0.2% | +6.1% |
| Net income | 142.4 m | 293.9 m | -151.8 m |
| Net income YoY | unavailable | +106.4% | −151.7% |
| Diluted EPS | 3.20 | 6.71 | -3.60 |
| Diluted EPS YoY | unavailable | +109.7% | −153.7% |
| net % | 1.9% | 4.0% | -2.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.2 bn EUR
- Financial debt
- 4.7 bn EUR
- Net debt
- 1.5 bn EUR
- Equity
- 5.4 bn EUR
- Total assets
- 16.7 bn EUR
- Debt / equity
- 0.87x
- Current ratio
- unavailable
- ROE
- -2.9%
- ROA
- -0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.3 bn | 7.3 bn | 7.8 bn | esef· 07 Apr 2026verified |
| Operating income | 867.4 m | 744.3 m | 823.7 m | esef· 07 Apr 2026verified |
| Income tax | 250.9 m | 264.9 m | 287.1 m | esef· 07 Apr 2026verified |
| Net income | 142.4 m | 293.9 m | -151.8 m | esef· 07 Apr 2026verified |
| Diluted EPS | 3.20 | 6.71 | -3.60 | esef· 07 Apr 2026verified |
| Dividend per share | 3.20 | 4.00 | 4.70 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.4 bn | 3.4 bn | 3.2 bn | esef· 07 Apr 2026verified |
| Inventories | 193.3 m | 173.1 m | 41.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 553.5 m | 600.1 m | 409.0 m | esef· 07 Apr 2026verified |
| Goodwill | 4.2 bn | 4.4 bn | 4.7 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.6 bn | 1.7 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Total assets | 15.1 bn | 15.5 bn | 16.7 bn | esef· 07 Apr 2026verified |
| Long-term debt | 5.5 bn | 5.6 bn | 4.7 bn | esef· 07 Apr 2026verified |
| Equity | 4.8 bn | 5.2 bn | 5.4 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 43.5 m | 42.9 m | 42.4 m | esef· 07 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 63.92 – 87.16 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)63.92 – 87.16 (Mid 73.75)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.7% | 67 (vs peers) | 63% |
| Net margin · Quality | -2.0% | 31 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WENDEL (MF.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.8 bn EUR in 2025; YoY growth 6.1%; net margin -2.0%; ROE -4.5%.
The estimated value range is 63.92–87.16 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 73.75 EUR, the price of 89.90 EUR leaves a potential of -18.0% (value / price − 1) and a margin of safety of -21.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| MF.PAWendel | 3.8 bn | — | -4.5% | -2.0% | +6.1% | +12% / +16% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for MF.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Wendel is an investment company holding controlling stakes in businesses such as Bureau Veritas, where revenue for 2025 reached 6 466,4 million EUR, and CPI, the global leader in crisis prevention training. Its current relevance lies in a dual strategy that combines direct holdings with third-party asset management through the partnership with IK Partners, which the supervisory board sees as a major issue for the period ahead.
SWOT
Strengths
- The portfolio includes controlling stakes in companies with leading market positions, such as CPI and Bureau Veritas. The governance structure is described as effective, with specialised committees and a board with financial and risk expertise.
- Bureau Veritas showed improving operating margin and a high level of cash flows, which supports its capacity to distribute to shareholders. The buyback programme and proposed dividend could strengthen shareholder returns.
- The dual strategy offers an income stream from management that could diversify dependence on direct holdings. The partnership with IK Partners is described as a key element of this strategy.
Weaknesses
- The group's value depends largely on a few major holdings, so a problem at a single company could affect consolidated results.
- Third-party asset management is still developing, and the board identifies it as an important issue, which shows it is not yet consolidated.
- Forward sales and call spreads on Bureau Veritas shares add financial complexity and exposure to capital markets.
Opportunities
- Growing demand for funds with sustainability characteristics could support fundraising for the group's management, if ESG information remains of high quality.
- Developing services linked to energy efficiency and cybersecurity, mentioned in the report for portfolio holdings, could open new income sources.
- Expanding third-party management could increase fee income and reduce reliance on disposals of holdings.
Threats
- Volatility in financial markets can reduce the value of listed holdings and the net asset value.
- Regulatory changes, including sustainability reporting and compliance rules, can raise operating costs for portfolio companies.
- A reputational event linked to ethics, corruption or money laundering could affect both investors and the clients of portfolio companies.
Risks
- Portfolio concentrationhigh
If a single major holding performs poorly, the impact on the group's consolidated results could be significant.
- Value of listed holdingsmedium
The Bureau Veritas share price influences the balance sheet value and the net asset value, and market moves could reduce this value.
- Reputational and compliance riskmedium
A controversy linked to ethics, corruption or money laundering could affect the reputation of the group and its portfolio companies, with possible sanctions.
- Execution risk of the dual strategymedium
If management for third parties does not attract enough capital, fee income could remain below expectations.
- Cyber and data protection risklow
Service holdings such as Bureau Veritas are exposed to cybersecurity incidents, which can lead to client losses and litigation.
Investment thesis
What would need to be true (bull case)
- If the dual strategy develops as planned, third-party management could become a recurring income source that reduces reliance on disposals of holdings.
- Bureau Veritas reported improving margins and proposes distributions to shareholders, which could support the group's value if the trend continues.
- CPI holds a global leadership position and a large installed base of certified instructors, which could support stable revenue in the education and healthcare sectors.
What would break the thesis
- If financial markets fall, the value of listed holdings could decline and reduce the net asset value.
- If the partnership with IK Partners does not attract external investors, the dual strategy could remain incomplete and the group could stay dependent on its own holdings.
- Regulatory changes and higher reporting requirements could raise costs for portfolio companies without an immediate gain in results.
What to watch
- Development of funds managed for third parties and capital raised in the partnership with IK Partners2026
- Bureau Veritas results against organic growth and margin targets of its LEAP 28 strategy2026
- Execution of the new 200 million EUR Bureau Veritas share buyback programmenext 10-K
- Revenue and EBITDA trend of CPI and the size of its certified instructor base2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Wendel, headquartered in France, builds its performance on investments in medium and large companies and on an asset management activity. According to the annual report for the year ended 31 December 2025, the group pursues a dual strategy: maintaining and developing portfolio holdings while expanding management for its own account and for third parties in partnership with IK Partners. Value creation is pursued through active shareholder involvement in the strategy and governance of its holdings.
The supervisory board meets at least once a quarter and carried out its work in 2025 through two specialised committees, the audit, risks and compliance committee and the governance and sustainable development committee. The board considers that the success of the dual strategy, the partnership with IK Partners and the development of third-party management are major issues for the group. Its governance structure is assessed as collegial and transparent in its relationship with the management board.
The main operating holding mentioned in the report is Bureau Veritas, in which the Wendel group holds a shareholding. The report shows that Bureau Veritas closed 2025 with solid organic growth and proposed a dividend of 0,92 EUR per share, up 2,2 %, together with a new 200 million EUR share buyback programme for 2026. These dividend and capital flows matter for the group's capacity to support its own assets.
Segments
CPI (Crisis Prevention Institute)
CPI is the global leader in training programmes for crisis prevention and the management of aggressive behaviour, with revenue of 152,9 million USD in 2025 and adjusted EBITDA of 76 million USD. Wendel holds about 97,7 % of the capital. The company has an installed base of around 42 000 active Certified Instructors who train more than 1,8 million people each year.
Asset management (IK Partners)
The management activity, developed through the partnership with IK Partners, is described by the board as a pillar of the dual strategy. The focus is on management for the group's own account and on expanding management for third parties, where the quality of sustainability information can influence the ability to attract institutional investors. The report notes that one IK Partners fund is classified as Article 8 under SFDR.
Market context
The markets in which Wendel's holdings operate combine demand for verification, certification and inspection, specific to Bureau Veritas, with the professional training market for the education and healthcare sectors in the United States, specific to CPI. Both markets are described in the report as having solid fundamentals but with pressures linked to regulation, costs and sustainability requirements. Private-market asset management depends on institutional investor demand for funds with sustainability characteristics.
For the group, financing conditions and investor appetite for private assets influence the timing of disposals and acquisitions. The report shows that 2025 included forward sales and call spreads on Bureau Veritas shares, indicating active management of exposure. The market share price is an external factor the group does not control.
Trends
- Dual strategy of the grouptailwind
The board considers that developing direct investments and third-party management together could diversify the group's income sources. If the partnership with IK Partners succeeds in attracting external capital, Wendel's position as a manager could become more stable.
- Higher sustainability reporting requirementsmixed
New sustainability reporting requirements call for more detailed information on the impact and financial risks of holdings. These could raise compliance costs but may also improve access to capital for funds classified under SFDR.
- Pressure on crisis management and compliancemixed
Demand for CPI programmes is supported by legal requirements and by organisations' need to reduce violent incidents. However, regulatory changes and public budgets in education and healthcare could influence the pace of contracting.
- Volatility of listed holdings' valueheadwind
For listed holdings such as Bureau Veritas, the balance sheet value and group results depend on financial market developments and trading decisions. A fall in the value of these assets could reduce the net asset value.
Competitive position
Wendel competes with other investment companies and holding groups that hold controlling stakes in industrial and service businesses. In asset management, competition comes from private equity funds that attract the same institutional investors. The report does not explicitly list competitors, so relative positioning is outside this analysis.
In crisis management training, CPI operates in a market with specialised training and consulting providers, and its advantage rests on its network of certified instructors and brand recognition in the education and healthcare sectors. Competition in verification and inspection, where Bureau Veritas operates, comes from several international compliance service companies.
- Other European investment companies and holding groups
Compete for the same acquisition opportunities and investors; the report does not name them.
- Private equity funds
Compete for institutional investor capital in the group's management activity.
- Behaviour management training providers
Compete with CPI in the training and certification market in the United States.
- International inspection and certification companies
Compete with Bureau Veritas in verification and compliance services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Wendel · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.