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
Tony Lebon

Ingenico : Update of our recommendations

The draft offer document for Worldline's public offer for Ingenico was published at the beginning of this month and the final offer document on Tuesday, bringing more details on the future of the Ingenico OCEANE bond. Note also that the French financial markets watchdog (AMF) announced that the tender offer for Ingenico's shares and OCEANEs opened yesterday and that its closing date will be set after receipt of supporting evidence of the European Commission's merger control clear...

Tony Lebon

Ingenico : Update of our recommendations

The draft offer document for Worldline's public offer for Ingenico was published at the beginning of this month and the final offer document on Tuesday, bringing more details on the future of the Ingenico OCEANE bond. Note also that the French financial markets watchdog (AMF) announced that the tender offer for Ingenico's shares and OCEANEs opened yesterday and that its closing date will be set after receipt of supporting evidence of the European Commission's merger control clear...

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 €.

David Vignon

WORLDLINE: Strong positioning, big ambitions, and a track-record that plays in its favour | BUY | EUR87 vs. EUR78 (+12%)

WORLDLINE - BUY | EUR87 vs. EUR78 (+12%) Strong positioning, big ambitions, and a track-record that plays in its favour INGENICO | Neutral | FV EUR106 vs. EUR97 More visibility on 2020 landing Cash displacement offers a cushion for the lower volumes in the ST – but also increased market potential in the future Craving for more… on a global scale?! Multiple growth levers

David Vignon

WORLDLINE | BUY vs. NEUTRAL | Under Review

WORLDLINE | BUY vs. NEUTRAL | Under Review Recovering volumes boosted by strong cash displacement – upgrade to Buy Strong free cash flow in H1 Domestic volumes back at their pre-Covid levels, boosted by the acceleration in cash displacement Better visibility in the short-term, well positioned in the long-term - Upgrade to buy

Emmanuel Matot ...
  • Stephane Houri

Worldline : Largely unsurprising numbers ahead of Ingenico deal close

>H1 results close to expectations - Worldline has just reported its H1 2020 results. At first glance, they are close to expectations, with sales down -6% in organic terms (consensus = -6% - Q2 = -13% after +2% in Q1) and organic EBITDA margin contraction of 170bp to 22.6% (consensus = 23.1%).As expected, the merchant services division was the hardest hit by the health crisis (Sales/EBITDA = -11/-16% - slump of >30% in the number of transactions at the start of th...

Emmanuel Matot ...
  • Stephane Houri

Worldline : Publication sans grande surprise avant la clôture du rachat d’Ingenico

>Résultats S1 proches des attentes - Worldline vient de publier ses résultats S1 20. En première lecture, ils ressortent proches des attentes avec un CA en baisse organique de 6% (consensus = -6% - T2 = -13% après +2% au T1) et une marge d’EBITDA en contraction organique de 170 pb à 22.6% (consensus = 23.1%).Sans surprise, la division Services aux Commerçants a été la plus impactée par la crise sanitaire (CA/EBITDA = -11/-16% - chute >30% du nombre de transactio...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Payment sector Q2 2020 preview

>The sector valuation, driven by online payment groups, is at an all-time high (at 33x EBITDA 12m fwd)... - In the year to date, the sector has gained 14%, slightly underperforming the NASDAQ (up +17%) due to the weight of Visa and Mastercard, but more than offsetting the decline due to the COVID-19 crisis. Indeed the sector has gained 52% from the low. The share performance of players highly exposed to online such as Adyen, Square and PayPal has been impressive (at r...

Tony Lebon

Ingenico : Update of our recommendations

The draft offer document for Worldline's public offer for Ingenico was published at the beginning of this month and the final offer document on Tuesday, bringing more details on the future of the Ingenico OCEANE bond. Note also that the French financial markets watchdog (AMF) announced that the tender offer for Ingenico's shares and OCEANEs opened yesterday and that its closing date will be set after receipt of supporting evidence of the European Commission's merger control clear...

Tony Lebon

Ingenico : Update of our recommendations

The draft offer document for Worldline's public offer for Ingenico was published at the beginning of this month and the final offer document on Tuesday, bringing more details on the future of the Ingenico OCEANE bond. Note also that the French financial markets watchdog (AMF) announced that the tender offer for Ingenico's shares and OCEANEs opened yesterday and that its closing date will be set after receipt of supporting evidence of the European Commission's merger control clear...

Tony Lebon

Ingenico : Update of our recommendations on Worldline, Ingenico and Nexi, along with some comments on the Wirecard situation

In this report, we updated our recommendations on the issuers we cover within the payment services industry: - Ingenico: Buy on 2024 straight bond which offers an attractive pick-up compared with the Worldline bond (convergence of spreads). The 2022 CB is also interesting with regards to the upside potential on the Worldline stock. We maintain our Neutral recommendation on the 2021 bond. We are confident that the merger with Worldline will be completed; - Worldline: Buy maintained on...

Tony Lebon

Ingenico : Update of our recommendations on Worldline, Ingenico and Nexi, along with some comments on the Wirecard situation

In this report, we updated our recommendations on the issuers we cover within the payment services industry: - Ingenico: Buy on 2024 straight bond which offers an attractive pick-up compared with the Worldline bond (convergence of spreads). The 2022 CB is also interesting with regards to the upside potential on the Worldline stock. We maintain our Neutral recommendation on the 2021 bond. We are confident that the merger with Worldline will be completed; - Worldline: Buy maintained on...

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...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2020

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Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/07/2020

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Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/21/2020

We are providing an update on our conviction that Nexi is set to acquire its fellow Italian group SIA in the next few months. Looking beyond the appeal in financial terms (synergies of € 100m) and strategically (insourcing of processing and international expansion) for Nexi, we think that the Italian government (which owns 83% of SIA) is unlikely to pass up the opportunity to create a national champion in electronic payment, as in France with Worldline/Ingenico. Based on our simulatio...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 07/21/2020

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Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/07/2020

Nous revenons sur notre conviction que Nexi va racheter son compatriote SIA dans les mois qui viennent. Au-delà de l’intérêt financier (synergies de 100 M€) et stratégique (internalisation du processing et ouverture à l’international) pour Nexi, le gouvernement italien (qui détient 83% de SIA) ne devrait pas manquer la possibilité de créer un champion national du paiement, comme en France avec Worldline/Ingenico. Notre simulation (prix payé, type de financement) fait ressortir un bull...

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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