Is It Time To Reconsider Wendel (ENXTPA:MF) After Mixed Returns And Potential Stahl Sale?

Simply Wall St

Sun, February 15, 2026 at 12:13 PM GMT+9 5 min read

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WNDLF

+1.16%

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If you are wondering whether Wendel’s current share price lines up with its underlying value, you are not alone, and this article will walk through what the numbers are saying.

Over the short term the stock has been mixed, with a 1.1% return over 7 days, 10.7% over 30 days, 9.3% year to date, a 1.4% decline over 1 year, 2.3% over 3 years, and 17.4% over 5 years. This provides important context before comparing price with value.

Recent news coverage around Wendel has largely centered on its role as a listed investment company and how investors are weighing its portfolio against broader market sentiment. This helps explain why shorter term moves and the 1 year return differ from the longer term picture. This mix of views on its holdings and structure is a key backdrop for thinking about whether the current share price makes sense.

On Simply Wall St’s valuation checks, Wendel scores 4 out of 6 on the value score, which you can see in more detail at 4/6. Next we will look at how different valuation approaches assess the stock before finishing with a way to think about value that goes beyond the usual models.

Wendel delivered -1.4% returns over the last year. See how this stacks up to the rest of the Diversified Financial industry.

Approach 1: Wendel Excess Returns Analysis

The Excess Returns model evaluates how effectively a company is expected to earn above or below its cost of equity, based on its book value and earnings power per share.

For Wendel, the model uses a Book Value of €72.33 per share and a Stable EPS of €7.75 per share, sourced from the median return on equity over the past 5 years. The Cost of Equity is €8.84 per share, which implies an Excess Return of €1.09 per share shortfall relative to that cost. The Average Return on Equity used in the model is 8.77%, and the Stable Book Value is set at €88.34 per share, based on weighted future book value estimates from 3 analysts.

Putting these inputs together, the Excess Returns model arrives at an intrinsic value of €74.29 per share. Compared with the current market price, this suggests that, within this framework, Wendel is 20.1% overvalued.

Result: OVERVALUED

Our Excess Returns analysis suggests Wendel may be overvalued by 20.1%. Discover 229 high quality undervalued stocks or create your own screener to find better value opportunities.

MF Discounted Cash Flow as at Feb 2026

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Wendel.

Story Continues  

Approach 2: Wendel Price vs Sales

For a profitable company like Wendel, the Price to Sales, or P/S, ratio can be a useful cross check because it compares what investors pay for each euro of revenue with what similar businesses trade on. It is especially handy when earnings can be volatile or influenced by accounting items.

In general, higher growth expectations and lower perceived risk tend to justify a higher “normal” or “fair” multiple. Slower growth or higher risk point to a lower one. That is why simply lining up ratios without context can be misleading.

Wendel currently trades on a P/S ratio of 0.44x. This sits below the Diversified Financial industry average of 3.08x and also below the peer group average of 4.42x. Simply Wall St’s Fair Ratio for Wendel is 1.57x, which is its view of what a reasonable P/S might be once you factor in elements such as earnings growth, profit margins, industry, company size and identified risks.

This Fair Ratio aims to be more tailored than a simple comparison with peers or the industry because it adjusts for those fundamentals rather than assuming all companies deserve similar multiples. With Wendel’s actual P/S at 0.44x versus a Fair Ratio of 1.57x, the shares screen as undervalued on this measure.

Result: UNDERVALUED

ENXTPA:MF P/S Ratio as at Feb 2026

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Upgrade Your Decision Making: Choose your Wendel Narrative

Earlier we mentioned that there is an even better way to think about valuation. On Simply Wall St’s Community page you can use Narratives, where you spell out your story for Wendel, link that story to your own revenue, earnings and margin assumptions, and then see the fair value that falls out of those numbers. You can then compare that value with today’s price to decide whether Wendel looks attractive or not. The platform keeps that Narrative updated when new earnings or news, such as the ongoing discussions around a potential Stahl sale, come through. One investor might build a more optimistic Wendel Narrative closer to the higher €135.0 price target and €489 million earnings view, while another might lean toward the more cautious €104.0 price target and €126 million earnings view. Both can clearly see how their different stories translate into different fair values.

Do you think there’s more to the story for Wendel? Head over to our Community to see what others are saying!

ENXTPA:MF 1-Year Stock Price Chart

_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include MF.PA.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

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