Wendel released Q3 results this morning
CIX updated: H-MF%
- Updated NAV released, discount of 37.8% on NAV
- Company indicating that the Dulux price for Cromologie was done at a valuation E369m above Wendel's valuation in its NAV
- MF acquired a 24.9% stake in TKTT FP for E222m
They justify -2.4% drop in NAV since June 30 as due to "principally as a result of the valuation gap between the first trading days of IHS vs. the June 30 Net Asset Value" so they had higher valuation in accounts for IHS.
Updated SOP below
a quick update on IHS
- IHS is trading at an implied 7.0x EV/EBITDA 21E multiple
- This is a 45% discount to HTWS
- HTWS is the cheapest peer but it is obviously even more of a discount when looking at a basket of the 4 independent Towers peers
People must be worried of MTN’s comments that they will use their stake to reduce debt and invest into their core business (i.e. sell most of it)
The stock may also be experiencing some flowback from other shareholders who were sellers into the IPO
It is due a bounce at some point as It does not make much sense from a valuation standpoint
