Full Year 2024 Wendel SE Earnings Call Transcript
Key Points
- Wendel SE (FRA:WIS) reported a 16.9% year-over-year increase in fully diluted net asset value per share, reaching EUR 185.7.
- The company proposed a EUR 4.7 per share dividend, up 17.5% from the previous year, reflecting strong financial performance.
- Bureau Veritas, a key asset, delivered a 28% increase in share price, contributing significantly to value creation.
- The asset management segment showed strong growth, with assets under management increasing by 24% and contributing EUR 6 per share to value.
- Wendel SE's strategic transformation over the past two years has resulted in managing EUR 41 billion in assets, diversifying its portfolio and increasing cash flow generation.
- Some unlisted assets, such as Stahl, Scalian, and ACAMS, faced challenges due to difficult market conditions and volatile multiples, negatively impacting overall value creation.
- The company's LTV ratio increased to 23% after the acquisition of Monroe, surpassing the S&P ceiling for its current rating.
- Scalian experienced a 1.2% decline in sales and a drop in EBITDA margin due to market slowdowns in the automotive and aeronautics sectors.
- Despite strong performance in some areas, the overall contribution from unlisted assets was negative in 2024.
- The company faces a substantial discount to its net asset value, which management attributes to the need for sustained performance improvement.
Good morning to everybody. Happy to have you on this call for the, full year result 2024 of Wendel.
I'm here with, David Darmon and Benoit Drillaud. We will make the presentation, all three of us, and then. We will be as always available to answer your question also in the room we have the CLO, our, investor relation officer, and. And Michels, in order to answer to your question with any needs.
So, let's start, I think the, last year financial, was a real achievement, as our dual model, is starting to deliver the growth we expected. Our fully diluted net asset value per share has reached EUR185.7 per share, which represents if you take into account the dividend that was paid in 24, 16.9% year over year value creation.
Our principal investment activity contributes to EUR21.1 per share, and we will see that more in detail later on. Since, a large part of the strong stock performance, of [Everas], but also our new asset management activity contributed for the first time, to EUR 6 per share
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