UBS analysts have cut their share price forecast for Wendel Investissement by 44% following the French listed private equity firm's controversial shift in focus to listed assets and a 30% paper loss on its stake in construction company Saint-Gobain.

The UBS analyst research cited a 30% estimated paper loss to the share valuation of Wendel’s €1.5bn ($2.2bn) investment in construction company Saint-Gobain, as well as a “general widening of discounts for holding companies”.