WENDEL: Wendel Investor Day
PRESS RELEASE - December 11, 2023
Wendel Investor Day
A strategy focused on value creation and
recurring returns to shareholders based on a strongly evolving
business model: dividend1 to increase by c. 20% next year
- Wendel's
ambition is to build a dual business model based on permanent
capital and private asset management, generating an attractive and
recurring return to shareholders.
- Asset management:
ambition to reach 150 million euros in FRE2 by 2027 in third-party
private asset management. Wendel plans to reach this level through
double-digit organic growth of its activities, supplemented by
external growth in new asset classes.
- Permanent capital :
- Objective of
generating a double-digit IRR on the existing portfolio
- Portfolio rotation:
redeployment of capital in assets generating a c. 15% IRR3.
- Further
increase in return to shareholder targets: redistribution
to shareholders, in the form of recurring and predictable
dividends, of the bulk of cash flows generated by asset management
and of around 20% of expected performance on permanent capital and
sponsor money.
- Increase in
dividend target to 2.5% of NAV4 from 2024, with the aim of reaching
3.5% of NAV in the medium term, with the development of asset
management. The objective to maintain at least a constant dividend
from one year to another remains unchanged.
- Share buyback: c.
170,000 shares already bought back under the 100 million euro
program launched on October 27, 2023. This type of program may
opportunistically be renewed.
- Recent news
from portfolio companies:
- Wendel to receive a
dividend of 85 million euros from Stahl in December 2023
- ACAMS: new CEO
expected in early 2024
Wendel will hold its 22nd Investor Day tomorrow,
dedicated mainly to the Group’s unlisted companies, during which
Wendel’s Executive Board will also present an update on the
strategic directions announced last March.
The aim of this day is to enable the financial
community to get to know the managers of the Group’s companies and
to provide detailed informations on their potential for long-term
value creation. Chris Masek, CEO of IK Partners5, Maarten Heijbroek
, CEO of Stahl and Yvan Chabanne, CEO of Scalian will be presenting
their companies at this 22nd edition.
Laurent Mignon, Chairman of Wendel's
Management Board, said:
"For the past 8 months, we have been
implementing our strategic orientations at a sustained pace, with
the aim of accelerating value creation and increasing shareholder
returns.
This 22nd Investor Day gives us the opportunity
to spell out the concrete details of our strategy in terms of
shareholder return. Our business model is built around two
value-creating levers: on the one hand, permanent capital
investment, and on the other, our new private asset management
business developed by talented teams. These two activities, coupled
with disciplined cost management, give us confidence in our ability
to offer our shareholders growing and recurring dividends. We will
therefore be redistributing most of the cash flow generated by our
asset management business and around 20% of the value creation
expected from our investments in permanent capital and sponsor
money.
This new redistribution policy will take effect
as early as 2024, when we will propose to the next Annual General
Meeting a dividend increase of c. 20%, i.e. around 2.5% of NAV as
of December 31, 2023, with the aim of returning around 3.5% of NAV
(N-1) to shareholders over the medium term. It will also be
accompanied by opportunistic share buybacks, like the one launched
at the end of October 2023."
To find out more, Wendel's Investor Day will be
broadcast live on December 12 from 2:30 PM on our website
www.wendelgroup.com and will be available for consultation for one
year.
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 |
|
1 Compared to the dividend paid in 2023 and
subject to approval at the Annual General Meeting to be held in
2024.
2 Fee Related Earnings: earnings generated by
recurring fee revenues (mainly management fees). It excludes
earnings generated by more volatile performance-related revenues
such as performance fees or carried interest of investment
income.
3 Levered.
4 % of dividend to be distributed based on
preceding year NAV as of December 31.
5 IK Partners acquisition is expected to close
in Q2 2024.
- PR_Wendel_ID 2023_11122023
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