Wendel Valuation

Is MF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MF (€92.85) is trading below our estimate of fair value (€125.6)

Significantly Below Fair Value: MF is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for MF?

Key metric: As MF is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MF. This is calculated by dividing MF's market cap by their current revenue.
What is MF's PS Ratio?
PS Ratio0.5x
Sales€7.60b
Market Cap€3.95b

Price to Sales Ratio vs Peers

How does MF's PS Ratio compare to its peers?

The above table shows the PS ratio for MF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average6.5x
RF Eurazeo
14.7x50.7%€5.0b
PEUG Peugeot Invest Société anonyme
8x5.3%€1.8b
EDEN Edenred
2.9x8.5%€7.1b
WLN Worldline
0.4x3.2%€1.9b
MF Wendel
0.5x4.5%€3.9b

Price-To-Sales vs Peers: MF is good value based on its Price-To-Sales Ratio (0.5x) compared to the peer average (6.5x).


Price to Sales Ratio vs Industry

How does MF's PS Ratio compare vs other companies in the European Diversified Financial Industry?

17 CompaniesPrice / SalesEstimated GrowthMarket Cap
MF 0.5xIndustry Avg. 2.0xNo. of Companies17PS0246810+
17 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MF is good value based on its Price-To-Sales Ratio (0.5x) compared to the European Diversified Financial industry average (2x).


Price to Sales Ratio vs Fair Ratio

What is MF's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MF PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.5x
Fair PS Ratio3x

Price-To-Sales vs Fair Ratio: MF is good value based on its Price-To-Sales Ratio (0.5x) compared to the estimated Fair Price-To-Sales Ratio (3x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€92.85
€120.00
+29.2%
9.4%€130.00€100.00n/a6
Nov ’25€92.00
€118.50
+28.8%
8.9%€130.00€100.00n/a6
Oct ’25€91.70
€116.83
+27.4%
10.6%€130.00€100.00n/a6
Sep ’25€91.75
€116.83
+27.3%
10.6%€130.00€100.00n/a6
Aug ’25€88.55
€116.83
+31.9%
10.6%€130.00€100.00n/a6
Jul ’25€83.45
€115.67
+38.6%
10.0%€130.00€100.00n/a6
Jun ’25€90.75
€115.33
+27.1%
9.8%€130.00€100.00n/a6
May ’25€96.05
€115.33
+20.1%
9.8%€130.00€100.00n/a6
Apr ’25€94.60
€112.33
+18.7%
10.9%€130.00€95.00n/a6
Mar ’25€90.70
€110.43
+21.8%
11.1%€130.00€95.00n/a7
Feb ’25€83.95
€110.67
+31.8%
11.9%€130.00€95.00n/a6
Jan ’25€80.65
€110.67
+37.2%
11.9%€130.00€95.00n/a6
Dec ’24€78.25
€110.33
+41.0%
12.2%€130.00€95.00n/a6
Nov ’24€71.50
€110.33
+54.3%
12.2%€130.00€95.00€92.006
Oct ’24€75.05
€116.17
+54.8%
7.9%€130.00€100.00€91.706
Sep ’24€84.35
€116.17
+37.7%
7.9%€130.00€100.00€91.756
Aug ’24€90.00
€117.00
+30.0%
8.3%€130.00€100.00€88.556
Jul ’24€94.00
€126.10
+34.1%
11.8%€155.00€115.00€83.455
Jun ’24€100.40
€128.08
+27.6%
11.2%€155.00€115.00€90.756
May ’24€101.60
€128.08
+26.1%
11.2%€155.00€115.00€96.056
Apr ’24€97.35
€125.08
+28.5%
12.4%€155.00€110.00€94.606
Mar ’24€105.10
€123.17
+17.2%
12.7%€155.00€110.00€90.706
Feb ’24€96.85
€123.17
+27.2%
12.7%€155.00€110.00€83.956
Jan ’24€87.20
€121.83
+39.7%
12.7%€155.00€110.00€80.656
Dec ’23€89.60
€121.42
+35.5%
13.0%€155.00€107.50€78.256
Nov ’23€80.40
€121.42
+51.0%
13.0%€155.00€107.50€71.506

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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