# Wendel (MF.PA)

Canonical: https://gigainvestors.com/s/MF.PA

Analysis as of: 2026-10-16T07:38:41.325Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 80.70 per share; close as of 2026-10-15.

Estimated value: low EUR 89.84 per share, central EUR 89.84 per share, high EUR 89.84 per share. Buy at or below the central value EUR 89.84 per share. Valuation as of 2026-10-16T07:38:41.325Z; scenarios are not confidence intervals.

Expected annual return: 11.2% at the stated quote. About 11.2% a year at today's price (required return 10.0%). required return 10.0% a year.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.04×

- FY2021: 0.11×

- FY2022: 0.15×

- FY2023: 0.12×

- FY2024: 0.10×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 21.7%

- ROIC, second-lowest year: 11.8%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 10.2%

- Recent gross margin (lower of latest and 3-year median): 11.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.8%

- FY2017: 13.0%

- FY2018: 16.1%

- FY2019: 19.4%

- FY2020: 11.2%

- FY2021: 27.8%

- FY2022: 41.8%

- FY2023: 25.7%

- FY2024: 24.0%

- FY2025: 25.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.0B

- Net income, five-year total: EUR 2.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 18.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.03×

- FY2022: 0.94×

- FY2023: 1.03×

- FY2024: 1.06×

- FY2025: 1.13×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.0% vs 25.5%

- Per-share earnings: -3.17 to 3.25 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: 4.2%

- Market cap gain: EUR -752M

- Cumulative retained earnings: EUR 2.1B

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 4.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 6.41

- Per-share value, starting three-year median: EUR -3.17

- Per-share value, ending three-year median: EUR 3.25

- Buybacks concentrated in cheaper years (correlation): -0.45

- Average buyback yield: 2.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.3B

- Cumulative net income, 10 years: EUR 2.0B

- ROIC, first three-year median: 13.0%

- ROIC, last three-year median: 25.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -8.12

- FY2017: EUR 4.44

- FY2018: EUR 1.00

- FY2019: EUR 8.93

- FY2020: EUR -6.03

- FY2021: EUR 23.99

- FY2022: EUR 14.84

- FY2023: EUR 3.25

- FY2024: EUR 6.92

- FY2025: EUR -2.82

### accounting: pass

- Sloan accruals: -10.2%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.4%

- FY2017: -6.3%

- FY2018: -8.1%

- FY2019: -7.0%

- FY2020: -12.6%

- FY2021: -2.7%

- FY2022: -5.8%

- FY2023: -8.4%

- FY2024: -8.4%

- FY2025: -10.2%

## Holders

## Price story

Down 30% since Oct 2021 · sales +6.1%

Story as of 2026-10-16T10:00:10.143Z; price observation 2026-10-15.

The price assumes assets grow 2.5% yearly for ten years

### Sales · FY2024–2025

sales +6.1%; source https://filings.xbrl.org/969500M98ZMIZYJD5O34/2025-12-31/ESEF/FR/0/wendelgroup-2025-12-31-1-fr/reports/wendelgroup-2025-12-31-fr.xhtml; observed 2026-04-07.

- FY2016: EUR 7.7B 

- FY2017: EUR 8.1B 

- FY2018: EUR 8.4B 

- FY2019: EUR 8.1B 

- FY2020: EUR 6.8B 

- FY2021: EUR 7.5B 

- FY2022: EUR 6.7B 

- FY2023: EUR 7.3B 

- FY2024: EUR 7.3B 

- FY2025: EUR 7.8B 

### Gross margin · FY2025

gross margin 11.5%; source https://filings.xbrl.org/969500M98ZMIZYJD5O34/2025-12-31/ESEF/FR/0/wendelgroup-2025-12-31-1-fr/reports/wendelgroup-2025-12-31-fr.xhtml; observed 2026-04-07.

- FY2016: 9.8% 

- FY2017: 8.7% 

- FY2018: 9.0% 

- FY2019: 9.3% 

- FY2020: 6.9% 

- FY2021: 10.6% 

- FY2022: 13.3% 

- FY2023: 11.8% 

- FY2024: 11.3% 

- FY2025: 11.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are EUR 7.8 billion.

- Source: https://eodhd.com/api/fundamentals/MF.PA.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 7782800000.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 207.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,98700000],[2017,107300000],[2018,120600000],[2019,123700000],[2020,122600000],[2021,126600000],[2022,130100000],[2023,139100000],[2024,171800000],[2025,263200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MF.PA.json#2025-12-31 (filed 2026-04-07); FY2025: cash repurchases 207100000 EUR.

### Are managers owners

Insiders own 42.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MF.PA SharesStats.PercentInsiders = 42.568 percentage points; cache date 2026-10-16.

### What the price says

The price assumes assets grow 2.5% yearly for ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Price 80.7; FX 1; reported NAV 164.2; ten-year realization discounted at 0.1; required annual NAV growth 0.024572566812014696. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 104.80 per share

- 2016-11: EUR 109.20 per share

- 2016-12: EUR 114.40 per share

- 2017-01: EUR 109.50 per share

- 2017-02: EUR 104.45 per share

- 2017-03: EUR 118.80 per share

- 2017-04: EUR 128.65 per share

- 2017-05: EUR 135.80 per share

- 2017-06: EUR 129.60 per share

- 2017-07: EUR 127.20 per share

- 2017-08: EUR 133.15 per share

- 2017-09: EUR 137.05 per share

- 2017-10: EUR 144.80 per share

- 2017-11: EUR 141.40 per share

- 2017-12: EUR 144.40 per share

- 2018-01: EUR 150.10 per share

- 2018-02: EUR 142.60 per share

- 2018-03: EUR 126.70 per share

- 2018-04: EUR 125.20 per share

- 2018-05: EUR 113.00 per share

- 2018-06: EUR 118.00 per share

- 2018-07: EUR 124.70 per share

- 2018-08: EUR 127.60 per share

- 2018-09: EUR 128.20 per share

- 2018-10: EUR 114.60 per share

- 2018-11: EUR 107.30 per share

- 2018-12: EUR 104.70 per share

- 2019-01: EUR 106.50 per share

- 2019-02: EUR 110.90 per share

- 2019-03: EUR 112.30 per share

- 2019-04: EUR 123.40 per share

- 2019-05: EUR 114.00 per share

- 2019-06: EUR 119.90 per share

- 2019-07: EUR 125.00 per share

- 2019-08: EUR 127.50 per share

- 2019-09: EUR 126.60 per share

- 2019-10: EUR 127.00 per share

- 2019-11: EUR 122.30 per share

- 2019-12: EUR 118.50 per share

- 2020-01: EUR 120.60 per share

- 2020-02: EUR 110.70 per share

- 2020-03: EUR 72.80 per share

- 2020-04: EUR 78.00 per share

- 2020-05: EUR 82.60 per share

- 2020-06: EUR 84.85 per share

- 2020-07: EUR 79.25 per share

- 2020-08: EUR 85.95 per share

- 2020-09: EUR 77.45 per share

- 2020-10: EUR 74.40 per share

- 2020-11: EUR 94.75 per share

- 2020-12: EUR 97.95 per share

- 2021-01: EUR 95.20 per share

- 2021-02: EUR 94.70 per share

- 2021-03: EUR 105.90 per share

- 2021-04: EUR 110.70 per share

- 2021-05: EUR 114.20 per share

- 2021-06: EUR 113.40 per share

- 2021-07: EUR 118.40 per share

- 2021-08: EUR 122.90 per share

- 2021-09: EUR 119.90 per share

- 2021-10: EUR 115.10 per share

- 2021-11: EUR 101.10 per share

- 2021-12: EUR 105.40 per share

- 2022-01: EUR 96.00 per share

- 2022-02: EUR 91.05 per share

- 2022-03: EUR 92.60 per share

- 2022-04: EUR 95.50 per share

- 2022-05: EUR 95.75 per share

- 2022-06: EUR 79.75 per share

- 2022-07: EUR 89.65 per share

- 2022-08: EUR 78.50 per share

- 2022-09: EUR 73.85 per share

- 2022-10: EUR 79.30 per share

- 2022-11: EUR 88.45 per share

- 2022-12: EUR 87.20 per share

- 2023-01: EUR 97.00 per share

- 2023-02: EUR 107.50 per share

- 2023-03: EUR 97.35 per share

- 2023-04: EUR 101.60 per share

- 2023-05: EUR 98.30 per share

- 2023-06: EUR 94.00 per share

- 2023-07: EUR 89.80 per share

- 2023-08: EUR 84.45 per share

- 2023-09: EUR 75.05 per share

- 2023-10: EUR 70.60 per share

- 2023-11: EUR 77.65 per share

- 2023-12: EUR 80.65 per share

- 2024-01: EUR 84.35 per share

- 2024-02: EUR 90.45 per share

- 2024-03: EUR 94.60 per share

- 2024-04: EUR 96.05 per share

- 2024-05: EUR 90.75 per share

- 2024-06: EUR 82.60 per share

- 2024-07: EUR 88.65 per share

- 2024-08: EUR 91.75 per share

- 2024-09: EUR 91.80 per share

- 2024-10: EUR 91.20 per share

- 2024-11: EUR 93.95 per share

- 2024-12: EUR 92.95 per share

- 2025-01: EUR 95.35 per share

- 2025-02: EUR 96.60 per share

- 2025-03: EUR 89.00 per share

- 2025-04: EUR 86.40 per share

- 2025-05: EUR 85.65 per share

- 2025-06: EUR 89.60 per share

- 2025-07: EUR 82.35 per share

- 2025-08: EUR 82.35 per share

- 2025-09: EUR 81.50 per share

- 2025-10: EUR 81.40 per share

- 2025-11: EUR 80.40 per share

- 2025-12: EUR 82.20 per share

- 2026-01: EUR 81.30 per share

- 2026-02: EUR 88.85 per share

- 2026-03: EUR 76.95 per share

- 2026-04: EUR 84.40 per share

- 2026-05: EUR 86.75 per share

- 2026-06: EUR 82.25 per share

- 2026-07: EUR 83.85 per share

- 2026-08: EUR 85.45 per share

- 2026-09: EUR 80.40 per share

- 2026-10: EUR 80.25 per share

## Annual estimated value (EUR per share)

- FY2024: low EUR 125.91 per share, central EUR 125.91 per share, high EUR 125.91 per share

- FY2025: low EUR 89.84 per share, central EUR 89.84 per share, high EUR 89.84 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:25.595Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/969500M98ZMIZYJD5O34/2025-12-31/ESEF/FR/0/wendelgroup-2025-12-31-1-fr/reports/wendelgroup-2025-12-31-fr.xhtml); period 2025-12-31, filed 2026-04-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations