France's Wendel Q1 management fees doubles yr/yr, NAV drops q/q

Wendel SE

23/04/2026 06:30

Overview

France investment firm's Q1 management fees jump 129%, driven by Monroe Capital acquisition

Fully diluted NAV per share fell 3.6% since December 2025, partly offset by share buybacks

Company repurchased 5.8% of capital as of April 20, 2026 under share buyback program

Outlook

Company expects €1.65 bln proceeds from disposals of Stahl and IHS in 2026

Wendel Investment Managers expects €200 mln in 2026 annual Fee Related Earnings

Result Drivers

MANAGEMENT FEES SURGE - Q1 management fees rose 129% year-on-year, mainly due to Monroe Capital acquisition and 8% organic growth at constant perimeter

MARKET MULTIPLES PRESSURE - Decline in alternative asset management sector multiples led to negative NAV contribution from Wendel Investment Managers in Q1

PORTFOLIO ROTATION - Announced disposals of Stahl and IHS expected to generate €1.65 bln in proceeds, supporting financial flexibility and shareholder returns

Company press release: ID:nGNE8dl9Rv

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Management fees
EUR 106.2 mln
Q1 Net Asset Value
EUR 6.59 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the investment management & fund operators peer group is "buy"

Wall Street's median 12-month price target for Wendel SE is €115.00, about 36.1% above its April 22 closing price of €84.50

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 14 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)