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 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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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