WENDEL: Q3 2024 Trading Update
PRESS RELEASE - OCTOBER 24,
2024
Fully
diluted1 Net Asset
Value of €184.5
up +13.7
%2 year-to-date (+5.3%
since June 30)
With the announced acquisition of Monroe Capital,
Wendel dramatically expands its Asset Management platform and
rebalances its business model towards more recurring cash flows and
growth
Fully diluted Net Asset
Value3 as of September
30, 2024: €184.5 per share
- Fully diluted NAV
per share up +16.1%4 since the start of the year when
restating for the €4 dividend paid in May 2024 reflecting:
- Strong increase in
Bureau Veritas’ share price (+34% YTD)
- Slight decrease in
value of non-listed assets
- Positive
contribution of Asset Management activities (IK Partners),
reflecting the increase in market multiples
Very active implementation of new
strategic directions and active portfolio rotation
- Principal
Investment:
- €2.3 billion
proceeds and value crystallization through the sale of 9% of Bureau
Veritas’ share capital and the disposal of Constantia
Flexibles
- €0.7 billion
invested including €625 million in Globeducate, closed on October
16
- Asset Management:
- €0.4 billion
invested for the acquisition of 51% of IK Partners
- $1.13 billion will
be invested in equity to acquire 75% of Monroe Capital, as
announced on October 22, 2024 (closing expected in the first half
of 2025)
Wendel Asset Management business is now
a significant performance driver
- Considering the
announced acquisition of Monroe Capital, Wendel’s Asset Management
platform will represent c.€31bn of AuM in private
assets5
- In 2025, Wendel AM
business is expected to generate c.€160m6 of Fee Related
Earnings (“FRE”) and c.€185m of total pre-tax profit in 2025
- IK Partners Fee
Paying AuM up +19% over the first 9 months of 2024
Consolidated 9M 2024 sales of
€5,918.1 million, up +14.6% overall and +8.9%
organically
- Very strong organic
growth at Bureau Veritas (+10.4% over 9 months)
- Solid growth at CPI
(+7.9%)
- ACAMS (+8%) in
total over 9 months, due to the earlier timing of a flagship
conference than in 2023
- Encouraging first 9
months for Stahl (+1.6% total growth), with Q3 (-4.7%) impacted by
a mixed environment in its industry
- Scalian: slight
decrease of -0.2% over 9 months
Strong financial structure and committed
to remain Investment Grade
- Debt maturity of
3.9 years with an average cost of 2.4%
- LTV ratio at -6.8%
as of September 30, 2024, and 18.9%7 on a pro forma
basis
- Pro forma total
liquidity of €1.48 billion as of September 30,
2024, including €0.5 billion in cash and €875 million in committed
credit facility (fully undrawn)
Laurent Mignon, Wendel Group CEO,
commented:
"The first nine months of 2024 have been generating good value
creation for shareholders, with fully diluted Net Asset Value
growing by 13.7%, driven notably by Bureau Veritas' strong stock
price and operating performances.
We continue to enhance our cash flow generation and value
creation profile, by executing our strategic plan with
determination, rigor and financial discipline, as demonstrated by
the Monroe Capital acquisition, announced two days ago, while also
focusing on premium assets in our principal investment activities,
highlighted by the recent acquisition of Globeducate.
Our transformation to a dual-strategy model is now
well-grounded, with top partners in asset management such as IK
Partners in private equity and now Monroe Capital in private
credit.
Following the investment in Globeducate and the announced
acquisition of Monroe Capital, the priorities of Wendel's teams are
to create value on existing assets, to successfully build the
private asset management platform around IK Partners and Monroe
Capital, and to maintain a solid financial structure.” |
Wendel’s net asset value as of September
30, 2024: €184.5 per share on a fully diluted basis
Wendel’s Net Asset Value (NAV) as of September
30, 2024, was prepared by Wendel to the best of its knowledge and
on the basis of market data available at this date and in
compliance with its methodology.
Fully diluted Net Asset Value was €184.5 per
share as of September 30, 2024 (see detail in the table below), as
compared to €162.3 on December 31, 2023, representing an increase
of +13.7% since the start of the year and +16.1% restated for the
dividend paid in 2024. Compared to the last 20-day average share
price as of September 30, the discount to the September 30, 2024,
fully diluted NAV per share was -50.6%.
Bureau Veritas contributed very
positively to the increase in Net Asset Value: on
September 30, its 20-day average share price was up strongly
(+34.3%) compared to December 31, 2023. Impacts from share price
movements from IHS Towers (-30.0%) and Tarkett (-2.8%) were
negligible given the weight of Bureau Veritas in the NAV. Total
value creation per share of listed assets was therefore +€26.1 over
the first nine months of 2024 on a fully diluted basis.
Unlisted assets’ contribution
to the growth of the NAV was slightly negative over the first nine
months of the year with a total change per share of -€1.2,
reflecting a positive evolution of the market multiples and from
bolt-on acquisitions, more than entirely offset by negative FX
effect and selective downward revisions of outlooks for the current
year (compared to December 31, 2023).
Asset management activities
were consolidated and accounted in the NAV for the first time at
the end of June following the acquisition of IK Partners. There is
no sponsor money included in the NAV yet, as no capital has been
called. IK Partners’ valuation is up by €1.5 per share over the
third quarter, driven by positive market multiples evolution.
Cash operating costs and
net financing results impacted NAV by -€1.2 over 9
months, as Wendel benefited from a positive carry. The impact of
year-to-date share buybacks on fully diluted NAV per share is +€1.4
per share more as of September 30, 2024, than as of December 31,
2023. Other assets and liabilities impacted NAV by -€0.5.
Total Net Asset Value increase
amounted to €26.2 per share over the first nine months of the year
before dividend payment.
Fully diluted NAV per share of €184.5 as
of September 30, 2024
(in millions of euros) |
|
|
09/30/2024 |
12/31/2023 |
Listed investments |
Number of shares |
Share price (1) |
3,800 |
3,867 |
Bureau Veritas |
120.3m/160.8m |
€29.9/€22.2 |
3,591 |
3,575 |
IHS |
63.0m/63.0m |
$3.1/$4.4 |
174 |
251 |
Tarkett |
|
€8.9/€9.1 |
35 |
40 |
Investment in unlisted assets (2) |
3,158 |
4,360 |
Asset Management Activities (3) |
449 |
- |
Other assets and liabilities of Wendel and holding companies
(4) |
95 |
6 |
Net cash position & financial assets (5) |
3,027 |
1,286 |
Gross asset value |
|
|
10,530 |
9,518 |
Wendel bond debt |
|
|
-2,386 |
-2,401 |
IK Partners transaction deferred payment |
-131 |
- |
Net Asset Value |
|
|
8,012 |
7,118 |
Of which net debt |
|
|
509 |
-1,115 |
Number of shares |
|
|
44,430,864 |
44,430,554 |
Net Asset Value per share |
€180.3 |
€160.2 |
Wendel’s 20 days share price average |
|
€91.1 |
€79.9 |
Premium (discount) on NAV |
-49.5% |
-50.1% |
Number of shares – fully diluted |
42,469,744 |
43,302,016 |
Fully diluted Net Asset Value, per share |
€184.5 |
€162.3 |
Premium (discount) on fully diluted NAV |
-50.6% |
-50.8% |
(1) Last 20 trading days
average as of September 30, 2024, and December 31, 2023.
(2) Investments in unlisted
companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian,
Wendel Growth as of September 30, 2024, also included Constantia
Flexibles as of December 31, 2023). Aggregates retained for the
calculation exclude the impact of IFRS16.
(3) IK Partners’ activity, no
sponsor money has been called at this stage. It is therefore not
included in the NAV at this stage.
(4) Of which 1,961,120 treasury
shares as of September 30, 2024, and 1,128,538 treasury shares as
of December 31, 2023.
(5) Cash position and financial
assets of Wendel and holdings.
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 246
of the 2023 Universal Registration Document.
Wendel’s Principal Investments’
portfolio rotation
Since the beginning of the year, Wendel has
realized a total of €2.3 billion in disposals for its own account
and has invested €0.7 billion, reflecting the acceleration of the
diversification of its investment portfolio, in line with the
strategy announced a few months ago:
- Wendel announced on
January 4, 2024, that it had completed the sale of Constantia
Flexibles, generating total net proceeds9 for Wendel of
€1,121 million for its shares, i.e. a valuation over 10%
higher than the latest NAV on record before the announcement of the
transaction (as at March 31, 2023).
- Wendel announced on
April 5, 2024, that it had successfully completed the sale of 40.5
million shares in Bureau Veritas, representing c.9% of the
Company’s share capital, for total proceeds of approximately €1.1
billion. The transaction was carried out at a price of €27.127, or
a discount of 3% from the previous day’s share price.
- Wendel Growth
realized its investment in Preligens, a leader in artificial
intelligence (AI) for aerospace and defence, generating net
proceeds to Wendel of c.€14.6M, translating into a gross IRR of
28%10. In addition, Wendel Growth announced on June 11,
2024, the acquisition of a minority stake in YesWeHack through an
equity investment of €14.5 million.
- Wendel reinvested
€43.7m in Scalian upon the acquisition of MANNARINO Systems &
Software on June 21, 2024. This Canadian company is a leading
engineering services specialist for advanced technology R&D for
the aviation sector, primarily in North America, with recognized
expertise in safety-critical embedded software and systems.
- On October 16,
2024, Wendel completed the acquisition of c.50% of Globeducate, one
of the world’s leading international K-12 education groups, from
Providence Equity Partners. Wendel invested €625 million of equity,
at an Enterprise Value of c.€2 billion11, to join
Providence, and both firms will now own c.50% of the group.
Wendel’s Asset Management platform
evolution
Acquisition of Monroe Capital
dramatically expands Wendel’s Asset Management platform and
rebalances its business model towards more recurring cash flows and
growth
Wendel announced on October 22 that it had
entered into a definitive partnership agreement including the
acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the
Company”), and a sponsoring program of $800 million to accelerate
Monroe Capital’s growth, and will invest in GP commitment for up to
$200 million.
For Wendel, the acquisition of a controlling
stake in Monroe Capital, a private credit market leader focused on
the U.S. lower middle market that has established an outstanding
track record, would represent a significant and transformational
advancement of the strategy it announced in March 2023 to develop
its third-party asset management platform to complement its
longstanding Principal Investment business.
With IK Partners and Monroe Capital, Wendel’s
third party asset management platform will reach c.€31 billion
in AUM12, c.€ 455 million revenues, c.€160 million
pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025
and is expected to reach €150 million (Wendel share) in pre-tax FRE
by 2027 through double-digit organic growth.
For more information, see the October 22, 2024,
announcement on http://www.wendelgroup.com.
Third Party Asset Management value
creation and performance
9 months 2024 performance
Over the first nine months of 2024, IK Partners
had particularly strong activity, generating a total of
€126.4 million in revenue. Total Assets under Management
(€13.3 billion, of which €3.3 billion of Dry Powder13)
grew by 20% since the beginning of the year, and FPAuM14
(€9.0 billion) by 19%. Over the period, €1.7 billion of new funds
were raised (IK X, PFIII and IK SO) and 7 exits have been
announced, for over €1.2 billion.
Sponsor money invested by
Wendel
Wendel committed €400 million in IK Partners
funds, of which €300 million in IK X. These commitments have not
yet been called.
Principal Investment companies’ value
creation and performance
Listed Assets: 36% of Gross Asset
Value
Bureau Veritas – Strong Q3 2024 organic
revenue growth; refocused portfolio with ongoing acquisitions
acceleration, in line with the LEAP | 28 strategy; 2024 revenue
outlook upgraded
(Full consolidation)
Revenue in the first nine months of 2024 totaled
€ 4,569.6 million, a 5.6% increase year-to-date.
Revenue in the third quarter of 2024 amounted to
€ 1,547.9 million, an 8.8% increase compared to Q3 2023. Organic
growth achieved a strong 13.0%, which led to 10.5% on a 9-month
basis. The scope effect was a positive 0.5%, reflecting bolt-on
acquisitions (contributing to +1.1%) realized in the past few
quarters and partly offset by the impact of small divestments
completed over the last twelve months (contributing to -0.6%).
Currency fluctuations had a negative impact of 4.7%, due to the
strength of the euro against most currencies.
Three businesses delivered very strong organic
growth: Marine & Offshore, up 13.2%, Industry, up 23.8%, and
Certification, up 17.7%. Buildings & Infrastructure further
recovered, up 9.3% organically in the third quarter (after 4.3% in
the first half) while both Consumer Products Services and Agri Food
& Commodities grew high-single digits organically, both
reflecting improving market trends.
Based on the 9-month performance, leveraging a
healthy and growing sales pipeline and strong underlying market
growth, Bureau Veritas now expects to deliver for the full year
2024:
- 9 to 10% organic revenue growth
(from “high single-digit” previously);
- Improvement in adjusted operating
margin at constant exchange rates;
- Strong cash flow, with a cash
conversion above 90%.
For more information:
https://group.bureauveritas.com
Tarkett – Slight organic decrease
year-to-date, with Q3 2024 solid organic sales growth of +2.4%, as
Sports division grew at a sustained pace in the most important
quarter of the year. Activity remained sluggish in flooring,
particularly in EMEA and the CIS countries
(Equity method)
Revenue in the first nine months of 2024
amounted to €2,560.7 million, down by -1.2% compared to the same
period of 2023, reflecting an organic decline of -0.4%. Sales
prices remained stable over the financial year, i.e. -0.3% compared
to the first nine months of 2023. In Q3 2024, Group net sales came
to €1,002 million, up +1.8% compared to the third quarter of 2023.
Organic growth reached +2.4%. Sales prices remained broadly stable
over the year, with a slight decline of -0.5% compared to the third
quarter of 2023.
For more information:
https://www.tarkett-group.com/en/investors/
IHS Towers (not
consolidated) – IHS Towers will report its Q3 2024
results in the coming weeks
Unlisted Assets: 30% of Gross Asset
Value
|
Sales (in millions) |
|
9 months 2023 |
9 months 2024 |
Stahl |
€677.3 |
€687.9 |
CPI |
$103.6 |
$112.0 |
ACAMS |
$67.9 |
$76.8 |
Scalian |
€402.2 |
€401.3 |
Stahl – Total sales up 1.6% for the
first 9 months of 2024 on the back of Q3 market challenges
in the leather market for automotive and luxury
goods
(full consolidation)
Stahl, the world leader in specialty coatings
for flexible materials, posted total sales of €687.9 million
in the first 9 months of 2024, representing a total increase of
+1.6% over the period. Organically, sales were slightly down -0.4%,
in a context of tougher markets in automotive and luxury goods,
while FX contributed -1.3%. The acquisition of ICP Industrial
Solutions Group (ISG) in March 2023 contributed positively (+3.3%)
to total sales variation.
Stahl Q3 sales were down -4.7% (-3.1%
organically and -1.6% due to FX) linked to the weaker market
performance of the automotive and luxury goods sectors, notably in
August, which was a particularly quiet month this year as many
Italian tanneries were inactive for a four-week period due to
reduced activity.
On September 27, Stahl completed the acquisition
of WEILBURGER Coatings, a leading German-based manufacturer of
water-based and energy cured coatings for the graphic arts and
packaging industry. The transaction significantly strengthens
Stahl’s packaging coatings division and supports its strategy to
broaden its franchise for specialty coatings for flexible
materials. This acquisition strengthens Stahl’s strategic position
in Europe, positioning the company as the second-largest packaging
coatings player in the region. WEILBURGER Coatings posted sales of
€70 million in 2023 and has over 140 employees, primarily based in
Germany.
Stahl also announced it maintained its Platinum
EcoVadis rating for the third consecutive year, reaffirming its
commitment to sustainability. In August, Stahl was awarded the
Living Wage certification strengthening its commitment to fair
compensation and employee well-being.
Crisis Prevention Institute reports +8.2%
revenue as compared with 9M 2023
(full consolidation)
CPI recorded first nine months 2024 revenues of
$112 million, up +8.2% compared to 9M 2023, or +8.1%
organically (FX impact was +0.1%), resulting from the addition of
new certified instructors across end markets and geographies, and
strong consumption of training materials, signifying active
training of broader staff throughout the Company’s primary
customers in educational, healthcare and human services settings.
The company’s year-to-date results include relatively flat
year-over-year revenue for the third quarter, however, reflecting
what management describes as a temporary, seasonal slowdown in new
certified instructors and a difficult year-over-year comparison
resulting from an unusually large enterprise program added in the
third quarter of 2023.
2024 continues to be a pivotal year for CPI in
growing its impact and reach, including further global expansion
with the opening of its first office in the United Arab Emirates,
and new program launches, including Reframing Behavior, a new
certification program designed to help educators build a more
positive, supportive learning environment and prevent disruptive
classroom behavior. In addition, regulatory and legislative actions
continue to provide support for workplace violence prevention
programs and related training, including expanded requirements in
New York, Texas and California during 2024.
ACAMS – ACAMS reports positive total
growth amid accelerated transformation
(full consolidation)
ACAMS, the global leader in training and
certifications for anti-money laundering and financial crime
prevention professionals, reported year-to-date bookings of $78
million, roughly flat with reported bookings for the same period in
2023, and revenue of $77 million for the first nine months of
2024, representing 8% year-over-year growth. The results for the
first nine months of 2024 reflect continued growth and market
expansion in North America and Europe, largely offset by declines
with customers in the Asia-Pacific region. As well, the
year-to-date results include the impact of ACAMS’ flagship Las
Vegas conference that was held in the third quarter of 2024 and
fourth quarter of 2023. Excluding the impact of this timing
difference would reduce year-over-year bookings and revenue growth
for the nine months ending September 30, 2024, to -0.8% and +0.3%,
respectively.
The Company has made considerable progress in
its transformation this year. Having largely completed its
separation and transition to a stand-alone, independent company in
2023, ACAMS has made many investments instrumental to the Company’s
future growth, including organizational changes led by the CEO,
Neil Sternthal, who joined ACAMS in early 2024 and subsequently
added several executives, including a new Chief Financial Officer
and a Chief Revenue Officer, investments in the Company’s
technology platform, business analytics and sales organizations,
and new product development, most notably with the planned
introduction of its Certified Anti-Fraud Specialist (CAFS)
certification.
Scalian – Slight decrease of total sales
of -0.2% year-to-date, in a context of overall market
slowdown
(full consolidation since July
2023.)
Scalian, a European leader in digital
transformation, project management and operational performance
consulting, reported total revenues of €401.3 million over the
first 9 months in a context of continued industry slowdown, in
particular supply chain tensions in the aeronautic sector as well
as the turndown of the European automotive sector. Sales are down
by -2.5% organically and benefited from a positive scope effect of
+2.3%.
Scalian announced the acquisition of Dulin
Technology in January 2024, a Spanish-based consulting firm
specializing in cybersecurity for the financial sector, and
MANNARINO Systems & Software in June 2024, a Canadian-based
company that is a leading engineering services specialist with a
unique know-how in advanced technology R&D for the aviation
sector.
Agenda
Friday, December 6, 2024,
2024 Investor Day.
Wednesday, February 26, 2025
Full-Year 2024
Results – Publication of NAV as of December 31, 2024, and
Full-Year consolidated financial statements (post-market
release)
Thursday, April 24, 2025
Q1 2025 Trading
update – Publication of NAV as of March 31, 2025
(post-market release)
Thursday, May 15, 2025
Annual General Meeting
Wednesday, July 30, 2025
H1 2025 results – Publication
of NAV as of June 30, 2025, and condensed Half-Year consolidated
financial statements (post-market release)
Appendix 1: Nine-month 2024 sales
of Group companies
Nine-month 2024 consolidated
sales
(in millions of euros) |
9-month 2023 |
9-month 2024 |
Δ |
Organic Δ |
Bureau Veritas |
4,328.0 |
4,569.6 |
+5.6% |
+10.4% |
Stahl (1) |
677.3 |
687.9 |
+1.6% |
-0.4% |
Scalian (2) |
n.a. |
409.3 |
n.a. |
n.a. |
Crisis Prevention Institute |
95.6 |
103.1 |
+7.9% |
+8.1% |
ACAMS (3) |
62.7 |
70.6 |
+12.6% |
+8.6% |
IK Partners(4) |
n.a. |
77.6 |
n.a. |
n.a. |
Consolidated net sales (3)(4) |
5,163.5 |
5,918.1 |
+14.6% |
+8.9% |
(1) Acquisition of ICP
Industrial Solutions Group (ISG) since March 2023 (sales'
contribution of €70.8M vs €62.7M as of 9M 2023)
(2) Scalian has a different reporting date to
Wendel. Consequently, sale's contribution corresponds to 9 months'
sales between October 1st 2023 and June 30 2024.
(3) The sales include a PPA restatement for an
impact of -€0.5M (vs -€3.2M as of 9M 2023). Excluding this
restatement, the sales amount to €71.3M vs. €66.1M as of 9M 2023.
The total growth of +12.6% include a PPA effect of +4.5% and the
conference revenue which generated $5,9M while this event occurred
in Q4 2023 last
year.
(4) Contribution of five months of
sales
Nine-month 2024 sales of equity
accounted companies
(in millions of euros) |
9-month 2023 |
9-month 2024 |
Δ |
Organic Δ |
Tarkett(5) |
2,592.6 |
2,560.7 |
-1.2% |
-0.4% |
(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 2024 sales of Group
companies
Q3 2024 consolidated sales
(in millions of euros) |
Q3 2023 |
Q3 2024 |
Δ |
Organic Δ |
Bureau Veritas |
1,423.8 |
1,547.9 |
+8.8% |
+13.0% |
Stahl |
234.3 |
223.3 |
-4.7% |
-3.1% |
Scalian (1) |
n.a. |
131.1 |
n.a. |
n.a. |
Crisis Prevention Institute |
42.0 |
41.2 |
-1.8% |
-1.0% |
ACAMS (2) |
20.2 |
26.1 |
+29.1% |
+28.6% |
IK Partners |
n.a. |
44.2 |
n.a. |
n.a. |
Consolidated net sales |
1,720.2 |
2,013.8 |
+17.1% |
+10.6% |
(1) Scalian has a different
reporting date to Wendel. Consequently, sale's contribution
corresponds to 3 months' sales between April 1st 2024 and June 30
2024.
(2) ACAMS Q3 2024 sales includes the conference
which generated $5,9M, while this event occurred in Q4 2023 last
year.
Q3 2024 sales of equity accounted
companies
(in millions of euros) |
Q3 2023 |
Q3 2024 |
Δ |
Organic Δ |
Tarkett(3) |
984.3 |
1,002.0 |
+1.8% |
+2.4% |
(3) Sales price adjustments in
CIS countries are historically intended to offset exchange rate
movements, and are therefore excluded from the "organic growth"
indicator.
1 Fully-diluted NAV per share assumes
all treasury shares are cancelled and a complementary liability is
booked to account for all LTIP related securities in the money as
of the valuation date.
2 +13.7% compared with fully diluted NAV of €162.3 as of
Dec. 31, 2023.
3 Fully diluted of share buybacks and treasury shares.
Without adjusting for dilution, NAV stands at €8,012m and €180.3
per share.
4 Including the €4.0 per share dividend paid in 2024,
and on a non-fully diluted basis NAV is up 15.0%.
5 As of September 2024.
6 c.€101m of FRE expected in 2025, Wendel share.
7 Proforma of Globeducate acquisition
(€-625m), sponsor money commitment in IK (€-400m), IK Partners
transaction deferred payment (€-131m), Monroe Capital 75%
acquisition (including estimated earnout) and GP commitments in
Monroe Capital ($-200m for 2025).
8 Proforma of Globeducate acquisition
(€-625m), sponsor money commitment in IK (€-400m), IK Partners
transaction deferred payment (€-131m), Monroe Capital 75%
acquisition (including estimated earnout) and GP commitments in
Monroe Capital ($-200m for 2025).
9 Net proceeds after ticking fees,
financial debt, dilution to the benefit of the Company’s minority
investors, transaction costs and other debt-like adjustments.
10 Gross IRR of 28%. Net IRR of 26%.
11 EV including IFRS 16 impacts. Excluding IFRS 16, EV
stands at c.€1.86 billion.
12 As of September 2024
13 Commitments not yet invested
14 Fee Paying AuM
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