Wirecard is engaged in the business of global payment processing, risk management and payment acceptance, as well as card issuing. Co. operates in three segments: Payment Processing & Risk Management, which comprises of products and service for the acceptance or implementation and the downstream processing of electronic payments and the associated processes; Acquiring & Issuing, which includes acceptance (acquiring) and issuing credit cards and prepaid cards, as well as account and payment transaction services; and Call Center & Communication Services, which comprises all of the products and services that address the call centre assisted support of corporate and private customers.
  • TickerWDI
  • ISINDE0007472060
  • SectorSupport Services
  • CountryGermany
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

...

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...

Richard-Maxime Beaudoux

WIRECARD: Audited Q3 earnings; FY 2018 EBITDA guidance raised | BUY | EUR240

WIRECARD - BUY | EUR240(+53%) Audited Q3 earnings; FY 2018 EBITDA guidance raised Revenues and EBITDA margin were known, FY guidance upgraded Visions 2020 and 2025 reiterated We maintain our Buy recommendation and FV of EUR240

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...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Feedback from the conference call on EPI with Jean Yves Forel of BPCE

>EPI aims to replace national systems - On Friday, we organised a conference call with Jean Yves Forel, CEO of BPCE for the retail banking segment in Europe. Under the working title EPI (European Payment Initiative, the commercial name is yet to the determined), the project was announced on 2 July and is supported by the European Commission (EC) and the ECB. For the time being, the initiative regroups some 16 banks (around 50% of domestic payments) from five countries...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Preview T2 2020 Paiement

>La valorisation du secteur, tiré par les groupes online, est à son plus haut historique (à 33x l’EBITDA 12 mois prospectif)… - Depuis le début de l’année, le secteur a progressé de 14% sous-performant légèrement le NASDAQ (à +17%) en raison des poids de Visa et Mastercard, mais faisant plus que compenser la baisse liée à la crise du COVID-19. Le secteur a en effet progressé de 52% depuis le point bas. La performance boursière des acteurs très exposés online comme Ady...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Feedback conf call sur l’EPI avec Jean Yves Forel de BPCE

>L’EPI vise à remplacer les schémas domestiques - Nous avons organisé vendredi dernier une conférence téléphonique avec Jean Yves Forel, DG de BPCE pour la banque de proximité en Europe. Celui-ci s’exprimait au nom de EPI (European Payment initiative, nom commercial encore à trouver), projet annoncé le 2 juillet et soutenu par la CE et la BCE. Pour l’instant, l’initiative regroupe 16 banques (~50% des paiements domestiques) de 5 pays (France, Allemagne, Belgique, Espa...

David Vignon

WIRECARD (SELL, FV Under Review) | End of coverage:

WIRECARD (SELL, FV Under Review) | End of coverage:

Tony Lebon

Wirecard AG : EY cannot confirm EUR 1.9bn of cash, very high liquidity risk in our view

In the sectorial report on payment services we published yesterday early in the morning (at about 7.20-7.30am), we notably highlighted three elements on Wirecard’s capital structure: i/ the location of cash within the structure, which differs in our understanding from the three other companies we cover (Worldline, Ingenico, Nexi); ii/ the existence of OpCo guarantors under the straight bond (that subordinates the Argentum exchangeable bond – our view differs from that of Moody’s)...

Tony Lebon

Wirecard AG : EY cannot confirm EUR 1.9bn of cash, very high liquidity risk in our view

In the sectorial report on payment services we published yesterday early in the morning (at about 7.20-7.30am), we notably highlighted three elements on Wirecard’s capital structure: i/ the location of cash within the structure, which differs in our understanding from the three other companies we cover (Worldline, Ingenico, Nexi); ii/ the existence of OpCo guarantors under the straight bond (that subordinates the Argentum exchangeable bond – our view differs from that of Moody’s)...

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...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 21/11/2019 - Thyssenkrupp - FR

ThyssenKrupp (Achat) : Nouvelle perte nette sur l’exercice 2018/19, cession du pôle ascenseurs en vue Swedbank (Vente) : Accusé d'avoir violé les sanctions américaines Wirecard (Achat) : Le groupe dément à nouveau des irrégularités comptables Continental (Achat) : Vise €500m d'économies annuelles d'ici 2028 EDF (Vente) : Cède sa participation de 49,99% dans CENG LVMH (Achat) : Propose $1md supplémentaire pour racheter Tiffany Daimler (Conserver) : S&P place sa note A sous surveillance négative Ageas (Achat) : Fitch confirme la no...

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

...

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...

Emmanuel Matot ...
  • Stephane Houri

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

...

Bruno Cavalier ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Martial Descoutures
  • Nicolas David
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/15/2020

We have attempted to determine in the present note whether value performance is consistent. We therefore stratified the Stoxx 600 into valuation deciles (12-mth P/E and 12-mth P/B). We have learned several lessons from this such as "deep value" is not a viable strategy. The performances of the 1st decile (lowest P/E and P/B) are the worst. In contrast, an examination of risk-adjusted performance shows that the portfolio composed of stocks in the 3rd P/E decile has a Sharpe ratio of 0....

Increased risk weighs on WIRECARD AG, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of WIRECARD AG (DE), active in the Business Support Services industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date May 8, 2020, the closing price was EUR 91.84 and its target price was estimated at EUR 79.84.

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...

Wirecard – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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