Wendel: 9 months 2022 Trading update - Good growth year-to-date
across portfolio
press release - october 28, 2022
9 months 2022 Trading update Good growth
year-to-date across portfolio
9 months 2022 consolidated net sales:
€6,507.8 million, up 17.9% overall and up 10.9%
organically year-to-date
·Strong growth across the portfolio in Q3
2022: +20.9% of reported growth on consolidated sales of which
+12.1% is organic
·Double digit organic growth for ACAMS, CPI,
Constantia Flexibles and Tarkett in Q3 and over 9 months
·Sustained organic growth for Bureau Veritas
(+7.3%) and for Stahl (+7.8%) over 9 months
·Positive FX impacts across the portfolio
(+5.0% consolidated over 9 months)
Net asset value as of September 30,
2022: €6,885 million or €155.2 per share
·Restated for the €3 dividend per share paid
in June 2022, NAV is down 4.5% since the end of June and down 15.9%
YTD driven mostly by market declines, whilst the
higher-than-expected performance of unlisted portfolio companies
and FX contributed positively
·As a reminder, the valuations of Wendel’s
unlisted assets are updated on a quarterly basis using end of
quarter stock market multiples
Significant portfolio rotation and capital
deployment over the first nine months of 2022
- Disposal of Cromology closed on January 21, 2022, generating
€896 million of proceeds to Wendel
- €3041 million equity invested to acquire ACAMS on March 10,
2022
- Wendel Lab: €51 million additional commitments into funds
year-to-date bringing the total to around €167 million
Strong financial structure
- LTV ratio of 6.0% as of September 30, 2022
- Wendel’s bond debt average maturity of 6.62 years with an
average weighted cost of 1.7%
- Total liquidity of €1.7 billion as of September 30, 2022,
including €973 million of cash and €750 million available under the
committed sustainability-linked credit facility (fully
undrawn)
Governance: Laurent Mignon to be appointed Group
CEO from December 2, 2022
- André François-Poncet, Wendel’s current Group CEO, is in his
role until Laurent Mignon joins Wendel
André François-Poncet, Wendel Group CEO,
commented: “Our portfolio companies have generally been
doing well under deteriorating macroeconomic circumstances, largely
due to pricing and cost containment initiatives and they are
actively pursuing ESG initiatives. The ACAMS carve-out is
proceeding according to plan. We sold our headquarters building at
a very good price and we refinanced our nearest bond and credit
lines at terms that we are unlikely to see again for a long
time.Wendel’s strong balance sheet will allow the Firm to continue
to make acquisitions under our roadmap while remaining vigilant on
prices. Short term, we continue to support our companies’ projects,
including external growth and actively consider the numerous
opportunities which are now emerging for the Wendel Lab.” |
Nine months 2022 sales of Group
companies
Nine months 2022 consolidated sales
(in
millions of euros) |
9 months 2021 |
9 months 2022 |
Growth |
Organic Growth |
Bureau Veritas |
3,664.1 |
4,150.5 |
+13.3% |
+7.3% |
Constantia Flexibles |
1,168.3 |
1,537.9 |
+31.6% |
+23.7% |
Stahl |
624.4 |
696.4 |
+11.5% |
+7.8% |
Crisis Prevention Institute |
63.9 |
83.5 |
+30.7% |
+17.7% |
ACAMS(1) |
n.a |
39.6 |
n.a |
n.a |
Consolidated net sales |
5,520.6 |
6,507.8 |
+17.9% |
+10.9% |
- ACAMS accounts have been consolidated since March 11, 2022. The
sales include a PPA restatement for an impact of -€11.0M, excluding
this restatement the sales are €50.6M.
Nine months 2022 sales of equity accounted
companies
(in millions of euros) |
9 months 2021 |
9 months 2022 |
Growth |
Organic Growth |
Tarkett |
2,070.6 |
2,569.4 |
+24.1% |
+13.1% |
Q3 2022 sales of Group companies
Q3 2022 consolidated sales
(in
millions of euros) |
Q3 2021 |
Q3 2022 |
Growth |
Organic Growth |
Bureau Veritas |
1,245.7 |
1,457.1 |
+17.0% |
+8.7% |
Constantia Flexibles |
416.2 |
552.7 |
+32.8% |
+25.7% |
Stahl |
204.6 |
225.5 |
+10.2% |
+5.3% |
Crisis Prevention Institute |
27.4 |
35.3 |
+28.8% |
+13.0% |
ACAMS(1) |
n.a |
19.8 |
n.a |
n.a |
Consolidated net sales |
1,893.8 |
2,290.3 |
+20.9% |
+12.1% |
- ACAMS accounts have been consolidated since March 11, 2022. The
sales include a PPA restatement for an impact of - €1.5M,
excluding this restatement Q3 sales are €21.3M.
Q3 2022 sales of equity accounted
companies
(in millions of euros) |
Q3 2021 |
Q3 2022 |
Growth |
Organic Growth |
Tarkett |
809.4 |
1,005.4 |
+24.2% |
+12.0% |
Sales of Group companies
Bureau Veritas – Strong organic revenue
growth in the third quarter of 2022; 2022 Full Year outlook
confirmed(Full consolidation)
Bureau Veritas’ revenue in the third quarter of
2022 amounted to €1,457.1 million, a 17.0% increase compared with
Q3 2021. Organic growth was 8.7%. This brought the 9-month organic
revenue growth to 7.3%.
The 8.7% organic revenue growth was notably led
by a strong performance in Buildings & Infrastructure (+11.0%
in Q3), Industry (+10.6% in Q3), Marine & Offshore (+9.7%), as
well as Agri-Food & Commodities (+9.6%) in Q3. The diversity of
Bureau Veritas portfolio, its solid sales pipeline and its
leadership in terms of Sustainability and ESG solutions, position
Bureau Veritas well to grow in a sustained manner in the medium
term. Around 55% of Bureau Veritas sales, in the first 9-month of
the year, are related to Sustainability through the BV Green Line
of services & solutions.
By geography, activities in the Americas
strongly outperformed the rest of Bureau Veritas (29% of revenue;
up 15.0% organically), led by a 9.5% increase in North America
(Buildings & Infrastructure driven) and by a 25.3% increase in
Latin America (led by Brazil notably). The activity in Asia Pacific
(31% of revenue; up 4.6% organically) benefited from robust growth
in Australia as well as strong growth in South-East Asian countries
(notably Vietnam). Europe (31% of revenue) delivered homogeneous
growth across the board; up 6.0% organically, with above-average
performance in Italy and France, notably. Finally, in Africa and
the Middle East (9% of revenue), business increased by 16.2% on an
organic basis, essentially driven by Buildings & Infrastructure
and energy projects in the Middle East.
The scope effect was a positive 1.3%, reflecting
the four bolt-on acquisitions realized since the beginning of 2022,
alongside those of the prior year.
Currency fluctuations had a positive impact of
7.0%, mainly due to the strong appreciation of the USD and pegged
currencies against the euro, which was partly offset by the
depreciation of some emerging countries’ currencies.
2022 outlook
confirmed:
Based on the year-to-date performance, the
significant growth opportunities related to its sustainability
range of services and solutions, and excluding
the full-year impact of the Covid-19 lockdowns in China,
Bureau Veritas still expects for 2022 to:
- Achieve mid-single-digit organic revenue growth;
- Improve the adjusted operating margin;
- Generate sustained strong cash flow, with a cash conversion
above 90%.
For more information:
https://group.bureauveritas.com
Constantia Flexibles—9 months total
growth of +31.6%, with record organic growth of 23.7% mainly driven
by price increases but also through volume growth and mix
improvement
(Full consolidation)
Sales in the first nine months of 2022 totaled
€1,537.9 million, up +23.7% on an organic basis with strong
performance across both markets, Consumer and Pharma both posted
above 20% organic growth. Sales are up +31.6% in total over the
period, driven mostly by necessary price increases enabling to
compensate for the inflationary input costs pressure. Since the
start of the year, despite raw material shortages, Constantia has
experienced an encouraging return to market share gains, thereby
confirming the good momentum instilled by the new management team’s
commercial initiatives. The market in India remains challenging and
management is rolling out successfully the “Restoring Success
program” to return to profitability whilst reviewing various
strategic options for this division.
Year-to-date activity also benefited from the
acquisition of Propak in June 2021 and FFP Packaging Solutions in
August 2022 (impact of +4.0%). Foreign exchange had a +4.0%
positive impact on sales.
Constantia is carefully managing the
inflationary cost environment as well as the availability of energy
supply and raw materials. The Company is focusing its efforts on
preserving the profitability working both on the passthrough of
input costs as well as pursuing its cost control program.
Constantia is also actively working on its supply base and energy
supply sources in the context of a potential shortage of gas in
Europe in the coming months.
In August 2022, Constantia Flexibles has signed
an agreement, to acquire 100% of FFP Packaging Solutions, a leading
player for sustainable, flexible packaging in the film consumer
market from Northampton, UK. This acquisition aligns well with
Vision 2025 growth strategy of investing in competitive businesses
with potential for future growth. FFP Packaging Solutions joining
the Constantia Flexibles Group will expand its overall market
position. Its significant experience and credibility allow for
strong relationships across the UK food industry. The transaction
closed in August.
Stahl—Sales up 11.5% with organic growth of
7.8% mostly driven by price increases to offset input cost
inflation
(Full consolidation)
Stahl, the world leader in coating layers and
surface treatments for flexible materials, posted total sales of
€696.4 million in the first nine months of 2022, representing
an increase of +11.5% over the period. Organic growth stood at
+7.8% while FX contributed positively (+3.7%), mostly through USD
strengthening.
Activity for the period is above expectations at
group level, with a strong growth in Coatings and Leather over the
past nine months. Growth was largely led by price/mix effects as
volumes declined, notably due to (i) slowdown in certain end
markets, (ii) China lockdowns and (iii) continued supply
disruptions in automotive.
Across all segments, price increases have been
implemented since the beginning of the year to mitigate the strong
impact of rising input costs. The company has taken and is ready to
take additional measures to protect its margin where needed.
Stahl’s management continues to closely monitor the inflationary
environment, as well as the supply chain and potential energy
disruptions.
The order book slightly decreased following the
strong commercial activity in H1 2022 but remains at high levels
compared to historical standards.
Stahl announced on July 5, 2022, the submission
of a greenhouse gas (GHG) emissions reduction target, aligned with
the most recent guidance provided by the Science-Based Targets
initiative (SBTi).
Stahl’s SBTi submission includes a specific
commitment regarding the company’s Scope 3 upstream emissions,
which Stahl aims to reduce by at least 25% over the next 10 years,
compared with the base year (2021). Stahl’s Scope 3 emissions
currently represent over 90% of its carbon footprint. This
reduction would primarily be achieved by Stahl replacing its
fossil-based raw materials with lower-carbon alternatives. The
target is a major step towards the objective of limiting global
warming temperature increase to 1.5 °C above pre-industrial
levels by 2050, as agreed at the 2015 Paris Climate Accords.
Stahl’s extended commitment builds on the
company’s existing targets to reduce its emission for Scopes 1
and 2, which were set shortly after the Paris Agreement in 2015.
Stahl has since reduced its Scope 1 and 2 (direct) GHG emissions by
more than 30%, thanks to operational efficiency gains and by
decarbonizing its energy supply.
In September 2022, Stahl has been awarded the
highest EcoVadis Platinum rating, placing it within the top 1% of
companies assessed by EcoVadis. The award underlines Stahl’s
commitment to collaborating with its partners to reduce its
environmental impact and build a more responsible and transparent
supply chain.
Crisis Prevention Institute—9 months
revenue growth of +16.1% as compared with 2021, +17.7%
organically
(Full consolidation since March 11, 2022)
Crisis Prevention Institute recorded revenue of
$88.8 million in the first nine months of 2022, up +16.1% in total
compared to the same period in 2021 and +17.7% organically. Foreign
exchange impact was -1.6%. This performance reflects several
factors:
- The return to “normal” business conditions has made it easier
for customers, particularly for schools and hospitals, to
prioritize and schedule training, allowing Certified Instructors to
conduct internal training;
- The success of new program launches, including specialty topics
such as Trauma, Autism, and Advanced Physical Skills, which now
collectively represent more than 20% of Initial Certifications for
the first nine months;
- The international expansion strategy outside of North America,
notably in English-speaking countries, with a growth rate of nearly
+23%;
- A continued mix shift toward digital solutions for both new CIs
and renewals, which supplement required in-person training
components of programs. Virtual Learner Materials continue to
comprise a strong share of overall delivery, accounting for 44% of
total Learner Materials sales.
During the quarter, CPI’s President Susan
Driscoll and Jérôme Richard, Operating Partner at Wendel, were
added to the CPI Board. Susan Driscoll has held multiple executive
positions across training and education businesses over the course
of her career, including serving as President of the professional
and education and nurse learning divisions during her seven-year
tenure at Wolters Kluwer Health. Susan has served as President of
Crisis Prevention Institute since 2017.
ACAMS–Strong year-to-date performance
for ACAMS, with reported revenue3 up +7.8% and
+17.8% pro forma for conference timing. Carve-out process on
track.
(Full consolidation since March 11, 2022)
On March 10, 2022, Wendel acquired ACAMS, a
global leader in training and certifications for anti-financial
crime prevention professionals. ACAMS’s separation from its prior
parent company is on schedule and expected to be fully completed
early 2023.
For the nine months ended September 30, 2022,
ACAMS reported revenue of $69.5 million4 up +7.8% vs. the same
period in 2021. Organic growth for these first nine months was
+8.0%, and the impact of foreign exchange was -0.3%. ACAMS’s
flagship Las Vegas conference, the largest organized by ACAMS, was
held in October 2022, one month later than that of the prior year
in September 2021, skewing the year-over-year comparison.
Normalized for the timing of this event, pro forma growth over the
first 9 months would have been +17.8%.
The pro forma revenue growth was driven by
post-COVID conference recovery and greater sales of Certifications,
Memberships and Training, primarily a result of sales to larger
enterprise customers. Revenue growth should ease and return to more
normative levels for the remainder of 2022 and into 2023.
Tarkett–Q3 turnover
growth driven by solid performance in Sports and sales price
increases
(Accounted for by the equity method since
07.07.2021)
The company reported its Q3 2022 sales on
October 25, 2022. For more information:
https://www.tarkett-group.com/en/investors/
Net revenue for the Group was €1,005 million, up
by +24.2% compared to the third quarter of 2021. Organic growth was
+12.0% including the sales price increases in the CIS region
implemented at the beginning of the year5. The total effect of the
sales price increases implemented across all segments is +11.9% on
average compared to the third quarter of 2021.
By segment:
- As expected, the Sport segment continues to
show very strong growth for the third consecutive quarter. Revenue
was €343 million, up by +46.4% and including +30.5% organic growth
compared to the third quarter of 2021. The market is extremely
dynamic in North America for both artificial turf and athletic
tracks, two segments where Tarkett benefits from its
leadership.
- The North America segment reported a revenue
of €251 million, up +29.5% compared to the third quarter of 2021,
reflecting solid like-for-like growth of +11.5% and a positive
currency effect due to the appreciation of the dollar against the
euro (+18.0%)
- The EMEA segment achieved a turnover of €220
million, up +1.4% compared to the third quarter of 2021, including
an unfavourable currency effect of -1.3% and +2.7% of organic
growth.
- Revenue in the CIS, APAC and Latin America
segment amounted to €191 million, up +16.5% compared to
the third quarter of 2021, thanks to a positive currency effect
mainly due to the appreciation of the ruble (+18.0%).
End of October, Claude Ehlinger, Senior Advisor
of Wendel SE, was appointed Board members of Tarkett Participation
and Charles Goulet, Senior Director of Wendel SE, was appointed
Censor to the Board of Tarkett SA.
IHS Towers—IHS Towers will report its Q3
2022 consolidated sales in November.
Wendel’s net asset value: €155.2 per share as
of September 30, 2022
As per its NAV Methodology, Wendel’s unlisted
assets valuations are updated on a quarterly basis using end of
quarter markets multiples. Investments in funds are valued at the
last valuation received from the General Partner. Listed
investments are valued on the basis of the average closing price of
the 20 trading days prior to the valuation date.
Net asset value was €6,885 million, or
€155.2 per share, as of September 30, 2022 (see Appendix 1 and
2 below for details), a decrease of 17.5% from €188.1 per share as
of December 31, 2021, and down 15.9% restated from dividend (€3 per
share) paid in June 2022. Compared to the last 20-day average share
price as of September 30, the discount to the September 30, 2022,
NAV per share was of 50.9%.
Restated for the €3 dividend per share paid in
June 2022, NAV is down 4.5% since the end of June and down 15.9%
YTD driven mostly by markets’ decline, whilst the
higher-than-expected performance of unlisted portfolio companies
and FX contributed positively.
Wendel further improves its debt profile and
structure
- Loan-to-value (LTV) ratio at 6.0% as of September 30, 2022
- Total liquidity of €1.7 billion as of September 30, 2022,
including €973 million of cash and €750 million available under the
committed sustainable-linked credit facility (fully undrawn)
- Syndicated Credit Facility extended to July 2027
-
Average debt maturity extended to 6.6 years and average weighted
cost lowered to 1.7% following the successful placement of a
€300 million 12-year bond at 1,375% interest on January 13,
2022, and exercise on April 19, 2022, of the make-whole redemption
of bonds maturing in October 2024
-
Investment grade corporate ratings: Moody’s Baa2 with stable
outlook/S&P BBB with stable outlook
2022 other significant events:
Laurent Mignon to be appointed Group CEO from
December 2
On September 2022, the Supervisory Board of
Wendel, chaired by Nicolas ver Hulst, appointed Laurent Mignon
Member of the Executive Board and Group CEO of Wendel with effect
on January 1st, 2023, at the latest. Starting from December 2, he
will succeed André François-Poncet, Wendel’s current Group CEO, is
in his role until Laurent Mignon joins Wendel, at which point in
time Wendel’s Executive Board will be comprised of Laurent Mignon,
Group CEO, and David Darmon, Deputy Group CEO and Member of the
Executive Board since 2019.
Amendment to extend Wendel’s undrawn
€750 million syndicated credit facility to 2027
Wendel signed on July 27, 2022, an amendment to
its undrawn €750 million syndicated credit facility maturing
in October 2024 to extend it to July 2027, with two options to
extend it further by one year (1 + 1), pending banks approval for
each additional extension. This syndicated credit facility
integrates Environmental, Social and Governance (ESG) criteria.
Measurable aspects of the non-financial performance of Wendel and
the companies in its portfolio are taken into account in the
calculation of the financing cost of this syndicated credit. They
are in line with certain quantitative ESG targets the Group has set
in its ESG 2023 roadmap.
Wendel sold its headquarters building
Wendel sold its headquarters building on
Taitbout street. Generali Vie acquired the property. The
transaction amount results in a value creation of €1.5 per share in
Wendel’s NAV. This transaction was closed in the second half of
2022.
Wendel acquires ACAMS, the world’s largest
membership organization dedicated to fighting financial
crime
Announced on January 24, 2022, Wendel has
completed the acquisition of the Association of Certified
Anti-Money Laundering Specialists (“ACAMS” or the “Company”) from
Adtalem Global Education (NYSE: ATGE) on March 10, 2022. Wendel
invested c.$338 million of equity for a c. 98% interest
in the Company, alongside ACAMS’s management and a minority
investor.
ACAMS is the global leader in training and
certifications for anti-money laundering (“AML”) and financial
crime prevention professionals. ACAMS has a large, global
membership base with more than 90,000 members in 175 jurisdictions,
including over 50,000 professionals who have obtained their CAMS
certification-an industry-recognized AML qualification—that
promotes ongoing education through participation in conferences,
webinars, and other training opportunities.
The Company has approximately 275 employees
primarily located in the U.S., London and Hong Kong that serve its
global customers.
Sale of Cromology completed
After obtaining the necessary authorizations,
Wendel completed on January 21, 2022, the sale of Cromology to
DuluxGroup, a subsidiary of Nippon Paint Holdings Co., Ltd. For
Wendel, the transaction generated net proceeds of €896 million
or €358 million above Cromology’s valuation in Wendel’s net
asset value published before the transaction announcement, i.e., as
of June 30, 2021.
This transaction is a milestone in Wendel’s
2021-24 roadmap, and its target to accelerate the redeployment of
its capital toward growth companies.
Agenda
December 1st, 2022
Investor Day 2022
March 17th, 2023
2022 Full Year
Results—Publication of NAV as of December 31, 2022
(pre-market release)
April 28th, 2023
Q1 2023 Trading
update—Publication of NAV as of March 31, 2023 (pre-market
release)
June 15th, 2023
Annual General Meeting
July 28th, 2023
H1 2023 results—Publication of
NAV as of June 30, 2023, and condensed Half-Year consolidated
financial statements (pre-market release).
October 27th, 2023
Q3 2023 Trading
update—Publication of NAV as of September 30, 2023
(pre-market release).
December 7th, 2023
2023 Investor Day.
About WendelWendel 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 Bureau Veritas, ACAMS,
Constantia Flexibles, Crisis Prevention Institute, IHS Towers,
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.
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—Short-term: P-2 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 Twitter
@WendelGroup
Press contacts
Analyst and investor contacts
Christine Anglade-Pirzadeh: +33 (0)1 42 85 63
24
Olivier Allot : +33 (0)1 42
85 63 73
c.anglade@wendelgroup.com
o.allot@wendelgroup.com
Caroline Decaux: +33 (0)1 42 85 91 27
Lucile Roch : +33 (0)1 42 85 63 72
c.decaux@wendelgroup.com
l.roch@wendelgroup.com
Alexis de Maigret / Sara-Louise Boukara: +33
(0)6 17 76 79 71
Vae Solis Communications
wendel@vae-solis.com
Todd Fogarty: + 1 212 521 4854
Kekst CNC
todd.fogarty@kekstcnc.com
Appendix 1: NAV as of September 30, 2022:
€155.2 per share
(in millions of euros) |
|
|
09/30/2022 |
12/31/2021 |
Listed equity investments |
Number of shares |
Share price (1) |
4,370 |
5,559 |
Bureau Veritas |
160.8/160.8 m |
€24.0/€28.7 |
3,860 |
4,616 |
IHS Towers |
63.0/63.0m |
$6.4/$13.5 |
412 |
748 |
Tarkett |
|
€12.5/€18.6 |
98 |
195 |
Investment in unlisted assets (2) |
2,938 |
3,732 |
Other assets and liabilities of Wendel and holding
companies(3) |
|
17 |
97 |
Net cash position & financial assets (4) |
|
|
973 |
650 |
Gross asset value |
|
|
8,299 |
10,038 |
Wendel bond debt |
|
|
-1,414 |
-1,619 |
Net Asset Value |
|
|
6,885 |
8,419 |
Of which net debt |
|
|
-441 |
-969 |
Number of shares |
|
|
44,370,620 |
44,747,943 |
Net Asset Value per share |
|
|
€155.2 |
€188.1 |
Wendel’s 20 days share price average |
|
€76.1 |
€102.3 |
Premium (discount) on NAV |
|
|
-50.9% |
-45.6% |
|
|
|
|
|
|
|
- Last 20 trading days average as of September 30, 2022, and
December 31, 2021.
- Investments in non-publicly traded companies (Cromology (as of
December 31, 2021), Stahl, Constantia Flexibles, Crisis Prevention
Institute, ACAMS (as of September 30, 2022), Wendel Lab).
Aggregates retained for the calculation exclude the impact of IFRS
16. As per Wendel methodology, ACAMS valuation is weighted at 66.7%
on acquisition multiple and 33.3% on listed peer-group
multiples.
- Of which 1,116,456 treasury shares as of December 31, 2021, and
997,494 treasury shares as of September 30, 2022
- Cash position and financial assets of Wendel & holdings. As
of September 30, 2022, this comprises €0.7 bn of cash and cash
equivalents and €0.3 bn short term financial investment.
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 managements LTIP conditions
are realized, subsequent dilutive effects on Wendel’s economic
ownership are accounted for in NAV calculations. See page 374 of
the 2021 Universal Registration Document.
1 c. $338 million at 1.112 EURUSD
2 As of September 30, 2022
3 Revenue is shown excluding the purchase price
allocation entry related to deferred revenue
4 Revenue is shown excluding the purchase price
allocation entry related to deferred revenue
5 Selling price adjustments in the CIS countries
are historically intended to offset currency movements and are
therefore excluded from the “organic growth” indicator. Excluding
these price increases, organic growth was +9.7%.
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