WENDEL: Q3 2023 Trading Update
Correction - A typo in the subtitle was corrected as
follows:
Net asset value as of September 30,
2023: €7,192 million or €162.0 per share·Restated for
the €3.2 dividend per share paid in June 2023, NAV is slightly down
(-1.6% YTD) and overall stable since June 30,
2023 (+1.2%)
---
PRESS RELEASE - OCTOBER 26,
2023
Solid 9 months 2023 activity across the
portfolio
Dynamic implementation of new strategic
directions
Net asset value as of September 30,
2023: €7,192 million or €162.0 per share
- Restated for the
€3.2 dividend per share paid in June 2023, NAV is slightly down
(-1.6% YTD) and overall stable since June 30, 2023 (+1.2%)
Consolidated 9M 2023 sales of
€5,163.5 million, up +3.9% overall and +5.7%
organically
- Strong reported
growth at CPI (+14.5%) in over 9 months
- Solid organic
growth at Bureau Veritas (+8.1% over 9 months)
- ACAMS sales up
+2.6% in total over 9 months, strongly impacted by timing effects
(sales up +8% excluding timing effects)
- Encouraging Q3 for
Stahl (+3.7% total growth), 9-month sales (-2.7%), still impacted
by a mixed environment in its industry
- Scalian1: total
sales growth of c. +13% in Q3 2023
Dynamic implementation of new strategic
directions
- Wendel launched its
expansion in third-party private asset management : agreement to
acquire IK Partners signed on October 26. The transaction is
expected to be completed in the second quarter of 2024
- Wendel signed an
agreement for the sale of Constantia Flexibles end of July
- Net proceeds for
Wendel expected to be around €1.1 billion, translating into a
multiple of around 1.94 time Wendel’s total invested capital in
Constantia Flexibles and a valuation 11% higher than the latest NAV
on record before signing (as of March 31, 2023)
- €557 million
equity invested to acquire Scalian (closed on July 27, 2023)
- €750 million
exchangeable bond into Bureau Veritas shares issued in March
2023
Launch of a €100 million share
buyback program
- As previously
announced, Wendel intends to launch a €100 million share
buyback program. The shares repurchased under this program will be
used to cover Wendel’s long-term incentive plans and finance
potential strategic acquisitions to be paid with Wendel shares
(potentially including further IK Partners’ shares to be acquired
from 2029 onwards)
Strong financial structure: ample
liquidity and extended maturities
- Pro forma
Loan-to-value (LTV) ratio at 10.4%2 as of September 30, 2023
- Syndicated Credit
Facility (fully undrawn) increased to €875 million with
maturity extended to July 2028
- Total pro forma
liquidity of €2.4 billion as of September 30, 2023, including
€1.5 billion in cash (pro forma of Constantia Flexibles sale,
acquisition of 51% of IK Partners (including Wendel sponsor money
to be committed to IK fund X) and €100 million announced share
buyback) and €875 million credit facility (fully undrawn)
- Average debt
maturity extended to 4.9 years with a weighted average cost of 2.4%
following the successful placement of a €300 million 7-year
bond bearing a 4.50% coupon, realized on June 12, 2023, and the
repurchase of a total amount of €90.8 million of bonds
maturing in April 2026
Laurent Mignon, Wendel Group CEO, commented:"The
first nine months of 2023 have been very dynamic for Wendel and its
portfolio companies. Consolidated net sales rose organically by
5.7%, driven in particular by the very good performances of Bureau
Veritas and Crisis Prevention Institute. Our companies also pressed
ahead with their targeted external growth strategies.We embarked on
the new strategic directions announced in March, with a strong
portfolio rotation, with the acquisition of a majority stake in the
Scalian Group, and the announcement of the ongoing sale of
Constantia Flexibles, above Net Asset Value. Last week, we
announced the potential acquisition of IK Partners, a major step in
the deployment of the strategy we announced on March 16. It will be
the foundation of the private asset management division we are
building. Implementing this ambitious strategy will accelerate
Wendel’s diversification, boost recurring cash flow generation and
enhance our attractiveness as an investor and as a listed company.
I am convinced that in the years to come, we will be able to grow
our asset management activity through both organic growth or new
opportunities for external growth together with direct investments
from our permanent capital. This will create value for Wendel’s
shareholders with both NAV increase and significant dividends while
preserving our company’s strong financial profile." |
Nine-month 2023 sales of Group
companies
Nine-month 2023 consolidated
sales
(in millions of euros) |
9-month 2022 |
9-month 2023 |
Δ |
Organic Δ |
Bureau Veritas |
4,150.5 |
4,328.0 |
+4.3% |
+8.1% |
Stahl (1) |
696.4 |
677.3 |
-2.7% |
-10.8% |
Crisis Prevention Institute |
83.5 |
95.6 |
+14.5% |
+17.3% |
ACAMS (2) |
39.6 |
62.7 |
n.a |
n.a |
Consolidated net sales (3)(4) |
4,970.0 |
5,163.5 |
+3.9% |
+5.7% |
(1) Including the acquisition
of ICP Industrial Solutions Group (ISG) since March 2023 (sales’
contribution of €62.7 m in the period).(2) ACAMS
accounts have been consolidated since March 11, 2022. Sales include
a PPA restatement for an impact of €-3.2 m (vs.
€- 11 m as of 9M 2022). Excluding this restatement, sales
amount to €65.6 m vs. €50.6 m as of 9M
2022.(3) Due to the recent acquisition date of the
Scalian group, its contribution is not yet included in consolidated
sales and revenues are not audited.(4) In
accordance with IFRS 5, the contribution of Constantia
Flexibles has been reclassified in “Net income from discontinued
operations and operations held for sale”. Comparable sales for 9M
2022 represent €4,970.0 m versus 2022 published sales of
€6,507.8 m. The difference of €1,537.8 m corresponds to
Constantia Flexibles classified as assets held for sale in
accordance with IFRS 5.
Nine-month 2023 sales of equity
accounted companies
(in millions of euros) |
9-month 2022 |
9-month 2023 |
Δ |
Organic Δ |
Tarkett(5) |
2,569.4 |
2,592.6 |
+0.9% |
+4.7% |
(5) Sales price adjustments in
CIS countries are historically intended to compensate for currency
movements and are therefore excluded from the “organic growth”
indicator.
Q3 2023 sales of Group
companies
Q3 2023 consolidated sales
(in millions of euros) |
Q3 2022 |
Q3 2023 |
Δ |
Organic Δ |
Bureau Veritas |
1,457.1 |
1,423.8 |
-2.3% |
+5.8% |
Stahl (1) |
225.5 |
234.3 |
+3.9% |
-3.4% |
Crisis Prevention Institute |
35.3 |
42.0 |
+18.9% |
+26.1% |
ACAMS |
19.8 |
20.2 |
+2.4% |
+6.3% |
Consolidated net sales (2) (3) |
1,737.6 |
1,720.2 |
-1.0% |
+5.0% |
(1) Acquisition of ICP
Industrial Solutions Group (ISG) since March 2023 (sales’
contribution of €28.4 m).(2) Due to the recent
acquisition date of the Scalian Group, its contribution is not yet
included in consolidated sales and revenues are not
audited.(3) In accordance with IFRS 5, the
contribution of Constantia Flexibles has been reclassified in "Net
income from discontinued operations and operations held for sale”.
Comparable sales for 9M 2022 represent €1,738 m versus 2022
published sales of €2,291 m. The difference of €553 m
corresponds to Constantia Flexibles classified as assets held for
sale in accordance with IFRS 5.
Q3 2023 sales of equity accounted
companies
(in millions of euros) |
Q3 2022 |
Q3 2023 |
Δ |
Organic Δ |
Tarkett(4) |
1,005.4 |
984.3 |
-2.1% |
+6.0% |
(4) Sales price adjustments in
CIS countries are historically intended to offset exchange rate
movements, and are therefore excluded from the "organic growth"
indicator.Group companies’ sales
Bureau Veritas – Solid organic revenue
growth in the third quarter; 2023 outlook confirmed
(full consolidation)
Bureau Veritas revenue in the third quarter of
2023 amounted to EUR 1,423.8 million, up +6.1% at constant currency
and down -2.3% compared with Q3 2022. Organic growth was +5.8%
against a particularly strong Q3 last year. 9-month organic revenue
grew by +8.1%.
Leading the growth in Q3 were the three
activities, Marine & Offshore, Industry and Certification,
which delivered double-digit organic growth, driven by the
continued momentum in Sustainability and ESG, including marine
decarbonization and renewable energy projects. Agri-Food &
Commodities delivered low-single-digit organic revenue growth led
by Agri-Food markets and government services. Buildings &
Infrastructure and Consumer Products Services were flat. Buildings
& Infrastructure having seen particularly strong growth in Q3
2022 and Consumer Products Services continuing to be impacted by
the consequences of lower consumer spending seen throughout the
year.
The scope effect was a positive +0.3%,
reflecting bolt-on acquisitions realized last year, largely offset
by a minor disposal. Currency fluctuations had a significant
negative impact of -8.4%, mainly due to the strength of the euro
against USD and pegged currencies and some emerging countries’
currencies.
2023 Outlook confirmed
Based on the 9-month performance, a healthy
sales pipeline and the significant growth opportunities related to
Sustainability and energy transition, Bureau Veritas expects for
full-year 2023 to deliver:
-
Mid-to high single-digit organic revenue growth;
-
A stable adjusted operating margin at constant exchange rates;
-
A strong cash flow, with a cash conversion3 above 90%.
For more information:
https://group.bureauveritas.com
Stahl –
Total sales down -2.7% for the first 9 months of 2023, in a context
of weak but recovering demand (full
consolidation)
Stahl posted total sales of €677.3 million
in the first nine months of 2023, representing a decrease of -2.7%
over the period. Organically, sales were down -10.8%, in a context
of muted market demand across Leather and Coating, while FX
contributed -1.0%. The acquisition of ICP Industrial Solutions
Group (ISG) in March 2023 contributed positively (+9.0%) to total
sales variation. Management continues to meticulously integrate ISG
within Stahl, while realizing higher than estimated synergies in
the process and on a much faster timeline.
On a quarterly basis, Stahl’s business showed
signs of a recovery, as the decline in organic growth significantly
reduced compared to previous quarters: in Q3 2023, Stahl’s sales
organically decreased by -3.4%, compared to -15.4% and -13.1% in Q2
and Q1 respectively. Stahl thus posted total growth of +3.9% in Q3
2023.Stahl has been awarded a Platinum rating by the sustainability
rating agency EcoVadis for the second consecutive year. For the
2023 EcoVadis assessment, Stahl’s rating increased by three points
compared to its 2022 score.
Crisis Prevention Institute – Strong 9
months revenue growth of +16.6% and +17.3%
organically(full consolidation)
CPI exhibits strong first nine months revenue of
2023 at $103.5 million, up +16.6% compared to the same period
in 2022. Crisis Prevention Institute had a strong third quarter
with revenues up +26.3% compared to the same period of the previous
year.
Growth was relatively consistent across
geographies. North American revenues were up +18% vs. 2022 driven
by higher price and volume mix (+24% increase in renewals), whilst
international revenue grew by +10% over the same period, primarily
reflecting the +14% year-over-year growth in the UK, Ireland and
Australia which collectively comprise 90% of non-North American
business.
The targeted country-specific strategies
implemented by CPI are yielding early benefits, notably in France
and the recently established office in the UAE, to which CPI
expanded through a partnership with the US-based Cleveland
Clinic.
ACAMS – Q3 sales increased by +5.5% vs.
last year and +2.6% year-to-date
(full consolidation)
ACAMS, the global leader in training and
certifications for anti-money laundering and financial-crime
prevention professionals, generated third-quarter revenue of
$22.3 million4, up +5.5% vs. Q3 2022, and year-to-date revenue
of $71.45 million, or +2.6% above the same period in the prior
year. As previously noted, 2022 benefited from an unusually large
contract with a bank customer that implemented an initial firm-wide
training program that has since normalized to include employee
groups directly focused on financial crime. Excluding revenue from
this customer, year-to-date revenue would have increased 8% versus
the same period in 2022. The Company’s growth throughout the year
reflects momentum in its expanded enterprise sales efforts, notably
in the U.S. and Europe, and increased adoption by banks in China in
preparation for the Financial Action Task Force (FATF) mutual
evaluation.
ACAMS anticipates modest growth through the end
of the year, the extent of which will depend upon the execution
timing of certain large enterprise contracts. In late September,
ACAMS’ Chief Operating Officer, Mariah Gause, was named Interim
CEO, replacing Scott Liles. Mr. Liles will continue to serve as an
executive advisor through the end of 2023. The ACAMS Board of
Directors is working with an executive search firm to identify a
new CEO.
Tarkett – Organic sales growth of +6.0% in
Q3 2023. Record revenue in Sports. Good levels of activity in CIS
countries and resilience in the Commercial segments in North
America
(Accounted for by the equity method)
Net revenue of the Group amounted to
€984 million, down -2.1% compared to the third quarter of
2022. Organic growth was +6.0% (or +5.7% including sales price
variations in the CIS region). The total effect of the selling
price increases implemented across all segments is +3.1% on average
compared to the third quarter of 2022. Sales prices were generally
stable compared to Q2 2023.
The EMEA segment achieved a net revenue of
€209 million, down -5.0% compared to the third quarter of
2022, including an unfavorable currency effect of -1.2% and
negative organic growth of -3.8%. The economic context of high
inflation and interest rates is penalizing renovation and new
construction projects throughout the area. Activity in the
Residential segment was significantly lower than in 2022 due to an
unfavorable product mix, with vinyl rolls performing better than
more expensive categories such as parquet. Activity in the
Commercial segments fell only slightly compared to 2022 thanks to
the good performance of volumes in the two main categories, vinyl
products for the health and education sector and carpets for
offices. In a dynamic market, Sports continues to grow at a
sustained pace (+15.8% organic) despite a high basis for comparison
in Q3 2022.
For more information:
https://www.tarkett-group.com/en/investors/
Scalian – Total sales growth of c.+13%
in Q3 2023
(Due to the recent acquisition date of the
Scalian Group, its contribution is not yet included in Q3 2023
Group consolidated sales and revenues are not audited. – full
consolidation)
Net sales of the Scalian Group amounted to
€126.8 million for the third quarter, up c.+13% compared to
the third quarter of 2022. Over the first nine months of the year,
organic sales growth was c. +18%.
IHS Towers (not
consolidated)
IHS Towers will report its Q3 2023 consolidated
sales in November.
We continue to engage in constructive dialogue
with IHS Towers and are making progress toward our goals to improve
the company’s corporate governance.
Wendel’s net asset value: €162.0 per share
as of September 30, 2023Net asset value was
€7,192 million, or €162.0 per share, as of September 30, 2023
(see Appendices 1 and 2 for details), a decrease of -3.5% from the
€167.9 per share as of December 31, 2022, and stable overall
(- 1.6%) when adding back the dividend paid in June 2023.
Compared to the last 20-day average Wendel share price as of
September 30, 2023 the discount on the September 30, 2023, NAV per
share was 51.3%.
Strong financial structure: Ample liquidity
and maturity further extended
- Pro forma Loan-to-Value (LTV) ratio
at 10.4%6 as of September 30, 2023
- Syndicated Credit
Facility (fully undrawn) increased to €875 million with
maturity in extended to July 2028
- Total liquidity of
€2.4 billion as of September 30, 2023, including
€1.5 billion in cash (pro forma of Constantia Flexibles sale,
acquisition of 51% of IK Partners (including Wendel sponsor money
to be committed to IK fund X) and €100 million announced share
buyback) and €875 million in committed credit facility (fully
undrawn)
- Average debt
maturity extended to 4.9 years with a weighted average cost of 2.4%
following the successful placement of a €300 million 7-year
bond with a 4.50% coupon realized on June 12, 2023, and the
repurchase for a total amount of €90.8 million of its bonds
maturing in April 2026
2023 other significant
events:
Wendel launches its expansion in
third-party private asset management: agreement to acquire IK
Partners signed on October 26.
Wendel announced on October 17, 2023 that it has
entered into exclusive negotiations with a view to acquiring a
controlling stake in IK Partners (“IK” or “the Company”) from its
partners who would also reinvest a portion of their proceeds in
future IK funds as part of the envisaged transaction. IK Partners
is a leading European private equity (“PE”) firm specializing in
European mid-market buyouts. For Wendel, this transaction will
constitute the foundation its new third-party asset management
business, which is aimed at generating additional sources of
recurring income and intrinsic value creation.
The agreement to acquire IK Partners was signed
on October 26, 2023. Subject to the conditions for completion
(including regulatory approvals), the acquisition of a controlling
stake in IK is expected to be completed in Q2 2024.
Founded in 1989, IK is one of Europe’s most
recognized PE firms, with teams across a number of Northern
European countries focusing on the mid-market segment. The Company
invests in the Business Services, Healthcare, Consumer and
Industrials sectors in Benelux, DACH, France, Nordics and the
UK.
IK manages €11.87 billion of private assets
on behalf of third-party investors and since inception, has
invested in over 180 companies.
Wendel’s ambition is to build a sizeable
platform managing multiple private asset classes, alongside its
historical permanent capital investment activity. The development
of this platform will provide Wendel with recurring cashflows and
exposure to the performance of multiple asset classes. This
objective will be achieved both organically and through new
targeted acquisitions.
This evolution of Wendel’s business model is
designed to enable the development, over time, of a value-creating
platform with the potential to generate operational synergies.
The third-party asset management platform will
be developed alongside the permanent capital strategy of Wendel,
with the objective to generate double-digit Total Shareholder
Return.
The acquisition of IK is part of Wendel’s
€2 billion investment target over 24 months announced on March
16, 2023.
Wendel acquired the Scalian Group, a
leading European consulting firm in digital transformation, project
management and operational performance
On July 27, 2023, Wendel completed the
acquisition of Scalian. Wendel invested €557 million of
equity, i.e. an Enterprise Value of c. €965 million. Wendel
holds a c. 82% interest in Scalian, alongside management of
the company.
Founded in 1989, Scalian is ranked among
France’s Top 10 engineering consulting firms, is also active
internationally, providing industrial project management services
for issues pertaining to supply chain (costs, quality, deadlines,
performance), digital engineering from architecture to embedded
digital systems development and system applications, big data and
AI. Scalian also addresses optimization and performance of projects
and organizations, as well as providing digital transformation
support for industry and service sector leaders.
Since 2015, the company has delivered average
annual growth of around +30% of its revenues, including +12% of
organic growth despite Covid, amplified by a selective external
growth strategy, in France and internationally, with nine
acquisitions completed over the same period.
Wendel SE commits to SBTi
The Science-Based Targets initiative (SBTi) is a
global body enabling businesses to set ambitious emissions
reductions targets in line with the latest climate science. It is
focused on accelerating companies across the world to halve
emissions before 2030 and achieve net-zero emissions before
2050.
Wendel has committed to set near-term
company-wide emission reductions in line with climate science with
the SBTi. Wendel’s targets will be submitted to SBTi for approval
by the end of 2023.
Wendel’s near-term targets will be set at two
levels:
- Greenhouse gas
emissions from Wendel’s offices (scopes 1 and 2)
- Greenhouse gas
emissions from eligible companies in Wendel’s portfolio8, using the
“portfolio coverage approach” from SBTi guidelines
(scope 3)
These targets are in addition to the SBTi
commitments already approved for portfolio companies: Bureau
Veritas, Constantia Flexibles, Stahl and Tarkett.
Agenda
Tuesday December 12, 2023
2023 Investor Day
Wednesday February 28, 2024
FY 2023 results – Publication of NAV as of
December 31, 2023, and Full-Year consolidated financial statements
(post-market release)
Thursday April 25, 2024
Q1 2024 Trading update – Publication of NAV as
of March 31, 2024 (post-market release)
Thursday May 16, 2024
Annual General Meeting
Wednesday July 31, 2024
H1 2024 results – Publication of NAV as of June
30, 2024, and condensed Half-Year consolidated financial statements
(post-market release)
Thursday October 24, 2024
Q3 2024 Trading update – Publication of NAV as
of September 30, 2024 (post-market release)
Thursday December 5, 2024
2024 Investor Day
About Wendel
Wendel is one of Europe’s leading listed
investment firms. The Group invests in Europe and
North America in companies which are
leaders in their field, such as ACAMS, Bureau
Veritas, Constantia Flexibles, Crisis Prevention Institute,
IHS Towers, Scalian, Stahl and Tarkett. Wendel often plays an
active role as a controlling or significant shareholder
in its portfolio companies. Wendel seeks
to implement long-term development strategies, which
involve boosting growth and margins of companies so as
to enhance their leading market positions. With Wendel Growth
(formerly known as Wendel Lab), Wendel also invests via funds or
directly in innovative, high-growth companies.
Wendel is listed on Eurolist by Euronext
Paris.
Standard & Poor’s ratings: Long-term: BBB,
stable outlook – Short-term: A-2 since January 25, 2019
Moody’s ratings: Long-term: Baa2, stable outlook
since September 5, 2018
Wendel is the Founding Sponsor of Centre
Pompidou-Metz. In recognition of its long-term patronage of the
arts, Wendel received the distinction of ‘Grand Mécène de la
Culture’ in 2012.
For more information: wendelgroup.com
Follow us on LinkedIn @Wendel
Press
contacts |
Analyst and investor contacts |
Christine
Anglade Pirzadeh: + 33 1 42 85 63 24 |
Olivier Allot: +33 1 42 85 63 73 |
c.anglade@wendelgroup.com |
o.allot@wendelgroup.com |
|
|
Caroline Decaux:
+33 1 42 85 91
27 |
Lucile Roch: +33 1 42 85 63 72 |
c.decaux@wendelgroup.com |
l.roch@wendelgroup.com |
|
|
Primatice |
|
Olivier Labesse:
+33 6 79 11 49 71 |
|
olivierlabesse@primatice.com |
|
Hugues Schmitt:
+33 6 71 99 74 58 |
|
huguesschmitt@primatice.com |
|
|
|
Kekst CNC |
|
Todd Fogarty: +1
212 521 4854 |
|
todd.fogarty@kekstcnc.com |
|
Appendix 1: NAV as of September 30, 2023:
€162.0 per share
(in millions of
euros) |
|
|
Sept. 30, 2023 |
Dec. 31, 2022 |
Listed equity
investments |
Number of shares |
Share price (1) |
4,242 |
4,460 |
Bureau
Veritas |
160.8/160.8 m |
€23.9/€24.8 |
3,846 |
3,990 |
IHS |
63.0/63.0m |
$5.6/$6.5 |
334 |
382 |
Tarkett |
|
€10.3/€11.9 |
61 |
88 |
Investment in unlisted assets (2) |
4,113 |
3,440 |
Other assets and liabilities of Wendel and holding
companies (3) |
-12 |
15 |
Net cash position & financial assets (4) |
|
1,236 |
961 |
Gross asset
value |
|
|
9,579 |
8,876 |
Wendel bond
debt |
|
|
-2,387 |
-1,420 |
Net Asset
Value |
|
|
7,192 |
7,456 |
Of which net
debt |
|
|
-1,150 |
-459 |
Number of
shares |
|
|
44,407,677 |
44,407,677 |
Net Asset
Value per share |
|
|
€162.0 |
€167.9 |
Wendel’s 20 days share price average |
|
€78.8 |
€88.2 |
Premium (discount) on NAV |
|
|
-51.3% |
-47.5% |
(1) Last 20 trading days
average as of December 31, 2022, and September 30, 2023
(2) Investments in unlisted
companies (Stahl, Constantia Flexibles, Crisis Prevention
Institute, ACAMS, Scalian, Wendel Growth). Aggregates retained for
the calculation exclude the impact of IFRS16. As of September 30,
2023, as per Wendel methodology, ACAMS valuation is weighted at 0%
on acquisition multiple and 100% on listed peer-group multiples and
Scalian valuation is weighted at 100% on acquisition multiple and
0% on listed peer-group multiples. The value of Constantia
Flexibles as of September 30, 2023 is based on the binding offer
received on July 25, 2023
(3) Of which 983,315 treasury
shares as of December 31, 2022, and 914,003 treasury shares as of
September 30, 2023
(4) Cash position and financial
assets of Wendel and holdings companies
Assets and liabilities denominated in currencies
other than the euro have been converted at exchange rates
prevailing on the date of the NAV calculation.
If co-investment and management LTIP conditions
are realized, subsequent dilutive effects on Wendel’s economic
ownership are accounted for in NAV calculations. See page 332
of the 2022 Universal Registration Document.
1 Due to the recent acquisition date of the
Scalian group, its contribution is not yet included in consolidated
sales and revenues are not audited.
2
LTV as of Sept 30,
2023 stands at 13.8%. Proforma of the €1.1 billion of proceeds
to be received from the ongoing disposal of Constantia Flexibles,
proforma of the acquisition of 51% of IK Partners (including Wendel
sponsor money to be committed to IK fund X) and pro forma of
the €100 million share buyback announced, LTV would stand at
10.4%.
3 Net cash generated from operating
activities/Adjusted Operating Profit
4 Revenue excludes PPA restatement impact of
$0.3m. Including this restatement, revenue is $22.0m in Q3
2023.
5 Revenue excludes PPA restatement impact of
$3.5m. Including this restatement, revenue is $67.9m over 9 months
2023.
6 LTV as of September 30, 2023
stands at 13.8%. Proforma of the €1.1 billion of net proceeds
to be received from the ongoing disposal of Constantia Flexibles,
proforma of the acquisition of 51% of IK Partners (including Wendel
sponsor money to be committed to IK fund X) and pro forma of
the €100 million share buyback announced, LTV would stand at
10.4%.
7 Including co-invest direct investments from
significant LPs, and from third-party co-control co-investment.
8 Portfolio companies over 25% owned with at
least one seat on the Board of Directors (15% threshold for Wendel
Growth)
Grafico Azioni Wendel (EU:MF)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Wendel (EU:MF)
Storico
Da Mag 2023 a Mag 2024