Wendel (MF.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+333.0%

€373.21

vs €86.20 price

Levered DCF

€906.90

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.35

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-28.94×	13.55×	24.89×	53.17×	4.4×	-16.24×	13.2×	-37.66×
P/B	1.26×	1.22×	1.31×	1.35×	1.77×	2.14×	2.18×	2.2×
P/S	0.57×	0.54×	0.48×	0.56×	0.61×	0.63×	0.65×	0.57×
EV / EBITDA	5.4×	4.58×	4.96×	4.42×	6.1×	6.05×	6.52×	7.58×
Gross margin	11.5%	11.3%	11.8%	13.3%	10.6%	6.9%	9.3%	9.0%
Operating margin	10.6%	10.1%	11.9%	15.1%	10.8%	3.8%	8.9%	8.1%
Net margin	-2.0%	4.0%	1.9%	9.7%	14.0%	-3.9%	4.9%	0.5%
Current ratio	1.53×	2.07×	2.04×	1.71×	1.86×	1.86×	1.9×	1.58×
Debt / equity	1.89×	2.09×	2.28×	2.17×	2.28×	3.27×	2.94×	3.38×
Interest coverage	3.44×	2.34×	3.57×	5.44×	4.64×	1.13×	2.73×	2.51×
Dividend yield	6.0%	4.4%	4.0%	3.4%	2.7%	2.9%	2.3%	2.5%
Payout ratio	-173.4%	58.5%	97.7%	19.8%	12.1%	-46.4%	30.9%	266.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.3%	9.1%	5.3%	23.5%	40.2%	-13.2%	16.5%	2.1%
Return on invested capital	3.2%	3.1%	4.7%	5.0%	5.9%	2.4%	2.0%	2.2%
Return on assets	-0.9%	1.9%	0.9%	4.6%	7.4%	-2.0%	2.7%	0.3%
Free cash flow yield	33.7%	35.2%	33.7%	28.7%	22.1%	22.5%	16.7%	19.2%
Earnings yield	-3.4%	7.4%	4.1%	17.4%	22.7%	-6.2%	7.6%	1.0%
Enterprise value	€7.9B	€7.3B	€7.2B	€6.6B	€8.3B	€7.9B	€9.8B	€9B
Net debt / EBITDA	2.36×	2.09×	2.55×	1.88×	2.72×	2.78×	3×	3.56×
Cash conversion cycle (days)	52	72	72	69	63	64	66	61