Worldline

Worldline is a financial transaction processing company based in France. Co's operations are organized along three segments covering payments and digital services: Merchant Services & Terminals (facilitating consumer engagement around end-to-end e-payment transactional services on any device – before, during and after the point of sale); eMobility and eTransactional Services (assists businesses and governments in developing new digital services enabling strategic digital transformation); and Financial Processing & Software Licensing (provides processing services to banks and financial institutions for managing card-based and online cashless payments).
  • TickerA116LR
  • ISINFR0011981968
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance

Worldline Sa: 1 director bought

A director at Worldline Sa bought 750 shares at 64.669EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Worldline – AGM 9 june 2020

The main purpose of this AGM is the acquisition, announced on 3 February 2020, of Ingenico (French, listed) by Worldline. This acquisition would enable the group to strengthen its position as the European leader in payments and become the third largest European player in online payments. Strategically, the operation seems quite relevant. From a financial point of view, the takeover premium is 15.87% (compared to the share price the day before the announcement) or 24% (compared to the average share price the month before the announcement), which is acceptable to Worldline's shareholder. Finally...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Buoyed by outperformance in the US, the MSCI ACWI is the only broad global index that has yet to make a lower low relative to the lows set in June. This deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and continued downside volatility in bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. • Additional bearish-leaning developments. In addition to the concerns we have highlighted over the past several weeks, new negative developments continue to plague the glob...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Valérie GASTALDY

Short term view - WORLDLINE SA : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €39.70. The bearish trend would be challenged above €57.00.

Valérie GASTALDY

Analyse court terme - WORLDLINE SA : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 39,70 €. La tendance baissière serait remise en cause au-dessus de 57,00 €.

Valérie GASTALDY

Analyse court terme - WORLDLINE SA : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 39,70 €. La tendance baissière serait remise en cause au-dessus de 57,00 €.

Worldline Sa: 1 director bought

A director at Worldline Sa bought 750 shares at 64.669EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Emmanuel Matot ...
  • Stephane Houri

Worldline : Situation under control

>No major surprises from the Q1 sales figures - 2020 guidance broadly aligned with the 2019 results as expected - Worldline delivered no major surprises with its quarterly figures released last Thursday.First of all, despite the COVID-19 crisis, organic sales growth remained positive in Q1 at +2% (vs. +7% in 2019) and in line with expectations (consensus = +2%) thanks to excellent momentum in Merchant Services in January/February and rather resilient showings fro...

Emmanuel Matot ...
  • Stephane Houri

Worldline : Situation sous-contrôle

>Pas de surprise majeure sur le CA T1 - Guidances 2020 globalement alignées comme prévu sur les résultats 2019 - Worldline a peu surpris dans le cadre de sa publication trimestrielle jeudi dernier.Tout d’abord, malgré le COVID-19, la croissance organique du CA T1 est restée positive à +2% (vs +7% en 2019) et conforme aux attentes (consensus = +2%) grâce à une excellente dynamique en janvier/février des Services aux commerçants et à une certaine résilience des Ser...

David Vignon

WORLDLINE: Built to benefit from long-term regulatory tailwinds and M&A | NEUTRAL | EUR57 vs. EUR58 (-5%)

WORLDLINE - NEUTRAL | EUR57 vs. EUR58 (-5%) Built to benefit from long-term regulatory tailwinds and M&A European regulatory environment will continue to be a tailwind Not yet done with Ingenico but already craving for more Lacking positive catalysts in the short-term

Matthieu Lavillunière ...
  • Maxime Dubreil
  • Thibault Morel

INVEST SECURITIES - WORLDLINE : Le plan se déroule sans accroc - ACHAT, OC 70€

Emmanuel Matot ...
  • Stephane Houri

Worldline : No major surprises from the publication

>Slight organic Q1 2020 sales growth as expected - Worldline has just reported its Q1 sales. Organic sales growth increased by +2% to € 575m, in line with expectations (ODDO/consensus = +2% to € 571m/€ 575m), marking a break from the historical momentum (2019 reminder = +7%).All divisions reported growth. In the merchant services business (+1% vs +7% in 2019), the excellent momentum of January/February helped to offset the major impact of the COVID-19 crisis at t...

Tony Lebon

Ingenico : # Update of our recommendations following the announcement of Worldline's public offer on Ingenico

Worldline and Ingenico announced on Monday that their respective Boards of Directors have approved a combination agreement under which Worldline would launch a mixed (equity and cash) public offer for Ingenico shares and OCEANE bonds. At the current spot price of Worldline, the offer values Ingenico at EUR 8.2bn in equity and EUR 9.5bn in enterprise value. - Worldline expects a pro forma net debt/EBITDA ratio of approximately 2.5x at the end of 2020, which would be reduced to appro...

Tony Lebon

Ingenico : # Mise à jour de nos recommandations suite à l’annonce de l’offre publique de Worldline sur Ingenico

Worldline et Ingenico ont annoncé lundi que leurs Conseils d’Administration respectifs ont approuvé un accord de rapprochement selon lequel Worldline lancerait une offre publique mixte (equity et cash) sur les actions Ingenico et sur les OCEANEs. Au spot actuel de l’action Worldline, l’offre valorise Ingenico à 8,2 mds EUR en equity et 9,5 mds EUR en valeur d’entreprise. - Worldline s’attend à un ratio de dette nette/Ebitda pro forma d’environ 2,5x fin 2020, qui serait ramené à env...

Tony Lebon

Worldline : Initiating credit coverage with a preference for the OCEANE bond

>Initiating credit coverage on Worldline - We are initiating credit coverage of Worldline with a Stable credit opinion: although credit metrics will undoubtedly improve over the coming years on a standalone basis, we have taken into account the group's clearly expressed ambition to make acquisitions.We are adopting the following market recommendations: 1/ Neutral on the 2024 straight bond (ASW spread of 65bp): this bond trades at a pick-up of approximately 1...

Tony Lebon

Worldline : Initiation de la couverture crédit avec une préférence pour l’OCEANE

>Initiation du suivi de Worldline côté crédit - Nous initions la couverture crédit de Worldline avec un Avis Crédit stable : bien qu’en stand-alone, les ratios de crédit s’amélioreront indubitablement dans les prochaines années, nous tenons compte de la volonté clairement exprimée du groupe de réaliser de la croissance externe.Nous adoptons les recommandations de marché suivantes : 1/ Neutre sur l’obligation « sèche » 2024 (asw-spread de 65 bp) : elle traite...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2020

Nous nous sommes appuyés sur nos économistes pour dessiner les profils de croissance pour 4 types de reprise: v, V, U, L/W. Nous constatons que 1/ le marché a éliminé les scénarios faibles (U et L) pour se concentrer sur les plus dynamiques (v, V). Seul le profil en v se traduit par des résultats 2021e supérieurs à ceux de 2019 (Stoxx 600 à 406 pt en décembre 2020). Ainsi, sans acter un scénario en v le marché fait plus que jouer une reprise en V. Ce pari est compatible avec celui d’u...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2020

...

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jeremy Garnier
  • Laurence Hofmann
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/16/2020

...

WORLDLINE suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of WORLDLINE (FR), active in the Software industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date September 10, 2019, the closing price was EUR 57.55 and its target price was estimated at EUR 50.87.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Worldline – AGM 9 june 2020

The main purpose of this AGM is the acquisition, announced on 3 February 2020, of Ingenico (French, listed) by Worldline. This acquisition would enable the group to strengthen its position as the European leader in payments and become the third largest European player in online payments. Strategically, the operation seems quite relevant. From a financial point of view, the takeover premium is 15.87% (compared to the share price the day before the announcement) or 24% (compared to the average share price the month before the announcement), which is acceptable to Worldline's shareholder. Finally...

Worldline - Assemblée Générale des actionnaires du 3 Juin 2020

Le principal objet de la présente Assemblée est l’acquisition, annoncée le 3 février 2020, d’Ingenico par Worldline. Cette acquisition permettrait au groupe de, notamment, conforter sa position de leader européen des paiements et devenir le troisième acteur européen du paiement en ligne. Stratégiquement, l’opération semble tout à fait pertinente. D’un point de vue financier, la prime de prise de contrôle est de 15,87% (par rapport aux cours la veille de l’annonce) ou 24% (par rapport aux cours moyen le mois précédant l’annonce), ce qui est acceptable pour l’actionnaire de Worldline. Enfin, en ...

Florian Béchaz

Worldline - Assemblée Générale des actionnaires du 30 avril 2019

Notre estimation du nombre d'administrateurs libres de conflits d'intérêts potentiels (5) diffère du nombre de membres qualifiés d'indépendants par la société, soit 6 personnes. Le Conseil ne compte pas une majorité de membres indépendants, son taux d'indépendance étant de 41,67%. Nous regrettons que la Société ne profite pas de départ de ses administrateurs non-indépendants pour proposer en nomination des administrateurs libres de conflits d'intérêts. Par ailleurs, bien que Proxinvest ait félicité la société du respect de notre politique relative au plafond de 3 années de la rémunération lon...

Jehanne Leroy

Worldline - 30 Novembre 2018

Les actionnaires sont réunis afin d’approuver l’opération d’apport par SIX Group AG des actions de son Services de Paiement et la rémunération de cette apport par l’émission d’actions Worldline, ainsi qu’un montant en numéraire. Tant d’un point de vue stratégique que financier, cette opération semble justifiée et acceptable. Du point de vue de la gouvernance, bien que le taux d’indépendance du conseil ne s’améliore pas, il est appréciable qu’il ne se détériore pas. Aussi, nous soutenons l’opération. Cependant, il est fort regrettable que la société n’ait pas saisi l’occasion pour supprimer le...

Jehanne Leroy

Proxy Report - 24/05/2018

La société a sensiblement amélioré sa communication concernant les rémunérations attribués au titre de l'exercice passé. Ainsi, elle communique désormais le taux de réalisation précis pour chacun des critères du bonus 2017. De plus, la société a enfin porté la mesure de la performance des critères du LTI à 3 années, s'lignant ainsi non seulement sur les préconisations de Proxinvest, mais également sur les pratiques de marché. Nous l'en félicitons et soutenons la résolution 8. Cependant, la structure de la politique de rémunération est toujours trop généreuse et ne nous permet toujours pas de ...

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