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
David Vignon

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

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

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

Wirecard Ag: 1 director sold

A director at Wirecard Ag sold 5,506,584 shares at 28.176EUR and the significance rating of the trade was 100/100. 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 boar...

David Vignon

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

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

Alfred Glaser ...
  • Anthony Dick
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/19/2020

...

Matthieu Lavillunière ...
  • Maxime Dubreil
  • Thibault Morel

INVEST SECURITIES - WIRECARD : Visibilité nulle à CT - SOUS REVUE vs ACHAT, OC SOUS REVUE (vs 240€)

David Vignon

WIRECARD: Way too many uncertainties ahead – downgrade to sell | SELL vs. BUY | Under Review vs. EUR190

WIRECARD - SELL vs. BUY | Under Review vs. EUR190 Way too many uncertainties ahead – downgrade to sell Missing EUR1.9bn So many risks… …And only so few potential positive outcome

Alfred Glaser ...
  • Anthony Dick
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/06/2020

...

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...

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....

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 – COMMENTAIRES DETAILLES 15/06/2020

Nous avons cherché à déterminer si la performance de la value était homogène. Nous avons donc stratifié le Stoxx 600 en déciles de valorisation (PE12m et P/B 12m). Nous en tirons plusieurs enseignements La « deep value » n’est pas une stratégie viable. Les performances du 1er décile (plus faibles PE et P/B) sont les plus mauvaises. En revanche l’examen des performances ajustées du risque permet de constater que le portefeuille composé des titres situés dans le 3ème décile de PE affich...

Benoit Valleaux ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Louis Boujard, CFA
  • Martial Descoutures
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/08/2020

Since 2009, the outperformance of growth has been due to investors' determination to protect themselves against sluggish growth and falling interest rates. If we adopt a sequential point of view, these two parameters evolve in favour of value: 1/ by base effect, apparent growth is expected to be strong on the face of it; 2/ the rapid growth of debt and ultimately the inflationary effects of the relocation of value chains may push long rates up. We propose a list of 18 stocks with a Bu...

Benoit Valleaux ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Louis Boujard, CFA
  • Martial Descoutures
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/06/2020

Depuis 2009, la surperformance de la croissance s’explique par la volonté des investisseurs de se prémunir contre l’atonie de la croissance et la baisse des taux. Si l’on adopte un point de vue séquentiel, ces deux paramètres évoluent en faveur de la value : 1/ par effet de base la croissance apparente est appelée à être forte facialement ; 2/ la croissance rapide de l’endettement et à terme les effets inflationnistes de la relocalisation des chaines de valeur peuvent pousser les taux...

Emmanuel Matot ...
  • Martial Descoutures
  • Sebastien Malafosse
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/26/2020

Repsol, BP, Shell and Total have committed to achieving net zero by 2050. However, only the initial stages of a change in the model are currently visible. COVID-19 could be an opportunity for change. Cf. report published last evening. - ...

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 week...

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...

Expert Corporate Governance Service (ECGS)

proxy report 21/06/2018

Item 4: In financial year 2017, the Supervisory Board resolved to revise the Management Board members' remuneration system. The main changes, which apply from financial year 2018 onwards, relate inter alia to the inclusion of additionalperformance criteria for the both the annual bonus and the long-term incentive (LTI). We raise our concerns over the fact that the revised remuneration system for the Management Board has not been put to shareholder approval at this year's AGM. In line with our guidelines we would in principle recommend opposing the discharge of the Chairman of the Supervisory B...

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