Worldline: In troubled waters, but the horizon is clearing up | BUY | EUR86 VS. EUR93 (+56%)
Worldline - BUY | EUR86 VS. EUR93 (+56%)In troubled waters, but the horizon is clearing up
Disappointing quarter and FCF guidance coupled with poor communication – an explosive cocktail!
Yet the horizon is clearing up…
We assume a EUR2.5bn price tag for the disposal of terminals, but a EUR500m difference wouldn’t be the end of the world
TP down to EUR86 from EUR93 – buy reiterated
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).
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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