Wendel: share up as Berenberg praises strategy

(CercleFinance.com) - Wendel shares rose on Tuesday, buoyed by favourable comments from Berenberg analysts, who praised the investment company's "perfect" execution of its strategy.


Shortly before 11:30 a.m., the holding company's shares were up about 1%, not far from nine-month highs, while the SBF 120 index fell by 0.4%.

In its morning comments, Berenberg said that it has raised its target price for the stock from E109 to E122, while maintaining a buy rating.

The broker hailed the successful sale of a 9% stake in Bureau Veritas, which generated around E1.1bn in gross cash.

This is particularly good news for Wendel, which will enable it to reduce its risk profile, lower its discount to net book value and mobilize cash to invest in high-growth assets, it says.

Berenberg reiterates that it is fully confident in the strategic direction taken by the group's management.


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