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
Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/13/2020

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Olfa Taamallah ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/13/2020

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Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 13/10/2020

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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 gl...

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 we...

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 €.

Emmanuel Matot ...
  • Stephane Houri

ODDO : Preview T3 2020 : poursuite de l’amélioration, avant un retour à la croissance au T4 ?

>Un secteur ‘refuge’ (performance de +30% YTD), très bien valorisé (35x l’EBITDA au global, 25x hors groupes online) - Depuis le début de l’année, le secteur a progressé de 30%, en ligne avec le NASDAQ (+29%), soit une progression de 79% depuis le point bas du mois de mars. La performance boursière des acteurs majoritairement exposés online comme Adyen, Square et PayPal est spectaculaire (à respectivement +133%, +199% et +82% en YTD), tirant la valorisation moyenne du...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Q3 2020 preview: continuing improvement, before a return to growth in Q4?

>A ‘safe-haven’ sector (+30% performance YTD), very well valued (35x EBITDA overall, 25x excluding online groups) - In the year to date, the sector has gained 30%, in line with the NASDAQ (+29%), i.e. a gain of 79% since the low in March. The share performances of players highly exposed to online such as Adyen, Square and PayPal have been spectacular (at respectively +133%, +199% and +82% YTD), driving the average sector valuation to an all-time high at 35x EBITDA 12 ...

Emmanuel Matot ...
  • Stephane Houri

Worldline : Nexi/SIA is a response to Worldline/Ingenico with other deals pending

>Nexi/SIA read-across - Yesterday morning, Nexi officially announced its plan to acquire SIA in shares. We present below our main conclusions for Worldline.At the level of the valuation, Nexi is buying SIA on the basis of a 2019 EV/EBITDA multiple of 14x including synergies, compared with the 11x paid by Worldline last February for Ingenico. But the read-across looks limited as SIA and Ingenico operate on different market segments (SIA = mainly processing vs Inge...

Emmanuel Matot ...
  • Stephane Houri

Worldline : Nexi/SIA en réponse à Worldline/Ingenico et en attendant d’autres deals

>Read-across Nexi/SIA - Hier matin, Nexi a officialisé son projet de rachat de SIA en titres. Nous présentons ci-dessous nos principales conclusions pour Worldline.Au niveau de la valorisation, Nexi rachète SIA sur la base d’un multiple EV/EBITDA 2019 de 14x en intégrant les synergies, à comparer à 11x retenu par Worldline en février dernier pour Ingenico. Mais le read-across apparait limité car SIA et Ingenico opèrent sur des segments de marché différents (SIA =...

Matthieu Lavillunière ...
  • Maxime Dubreil
  • Thibault Morel

INVEST SECURITIES - WORLDLINE/ INGENICO : La dernière étape est franchie sans embuche

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...

Etude de l'AG du 24/07/2017

La présente assemblée générale, convoquée par les commissaires aux comptes titulaires Grant Thornton et Deloitte & Associés, a pour objet de confirmer les nominations des administrateurs composant le Conseil d’administration. En effet, selon l'article 15 des statuts, les administrateurs qui ne détiendraient pas le nombre d'actions requis par les statuts sont réputés démissionnaires. Or, lors de l'AG de mai 2017, seuls les administrateurs indépendants et le Directeur Général détenaient un minimum de 1 500 actions.Il semblerait que ce soit ce manquement qui est l'origine de la présente convocati...

Tony Lebon

Ingenico : Feedback from conference calls with four issuers in the payment services industry

On September 2, we organized virtual group meetings with four issuers in the payment services sector: Edenred, Ingenico, Nexi and Worldline. - This document summarizes our feedback from the conference calls by issuer. - - - - - - - > - - - ...

Tony Lebon

Ingenico : Feedback des conférences téléphoniques organisées avec quatre émetteurs du secteur des services de paiement

Nous avons organisé le 2 septembre des group meetings virtuels avec quatre émetteurs du secteur des services de paiement : Edenred, Ingenico, Nexi et Worldline. - Ce document synthétise nos feed-back des conférences téléphoniques par émetteur. - - - - - - - - > - - - ...

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...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/13/2020

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Olfa Taamallah ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/13/2020

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Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 13/10/2020

...

Olfa Taamallah ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/10/2020

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Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/06/2020

The Qualtrics IPO should provide the right balance between the company’s ability to target the attractive experience management market beyond SAP’s customer base while benefiting from the support of its parent company and at the same time offer a way to incentivise its management. This IPO may contribute upside of 4% to 8% to the stock. What is more, the SAP share should benefit from progress in converting EBIT into FCF. These factors prompt us to lift our target price from € 152 to €...

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 we...

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