Worldline - not as weak as expected, but too early to jump in
Worldline reported 2.5% organic growth in Q1 2024, weak in absolute terms but better than anticipated by the market and us. We wait for a clear uptick in momentum and the confirmation of an improved profitability to turn positive on the stock; which is arguably far from expensive at 5.1x EV/NTM EBI
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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