Report
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
Underlying
Worldline SA

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).

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
David Vignon

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