Derniers doutes levés après cette publication T3 - ACHAT vs NEUTRE - OBJECTIF : 52€ (vs 50€)
Au-delà de résultats T3 déjà connus depuis la publication préliminaire, la présentation des résultats T3 définitifs a permis (i) de confirmer l’accélération de la génération de FCF et (ii) de conforter nos prévisions 2016-20e d’EBITDA qui apparaissent désormais conservatrices (13% en deçà de la nouvelle guidance 2020), du fait des objectifs de très forte croissance organique dévoilés pour son acquisition US. Alors que notre dernier doute est levé (cf. étude d’initiation du 06/10/16), et sans même intégrer totalement les nouvelles guidances 2020, nous relevons notre opinion de NEUTRE à ACHAT avec un objectif ajusté à 52€ (potentiel de +17%) vs 50€ préc. Au cours actuel, Wirecard affiche des EV/EBITDA 2017-18e de 13x-9,8x que nous jugeons incohérents avec la très forte croissance attendue de l’EBITDA (TMVA 15-18e de +30%) et surtout des FCF (+36%).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 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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