Solide croissance, mais potentiel limité hors acquisition - NEUTRE - OBJECTIF : 22€ (vs 21€)
L’accélération de la croissance organique depuis le T3 14 se confirme, avec un T1 16 à +6,5%, alors même que la perte de contrats non liés au paiement pèse sur la croissance (-3pts au T1 16 et -5pts attendus sur 2016). Les regards sont donc désormais tournés vers les acquisitions, le management s’étant montré optimiste quant à l’annonce de nouvelles opérations dans les prochains trimestres. Au regard de la structuration de l’opération Equens/Paysquare, Worldline a les moyens (>1Md€) et nous attendons la concrétisation de ces éventuelles opérations pour adopter un biais plus positif. En l’état, nous réitérons notre opinion NEUTRE, avec un objectif ajusté à 22€ vs 21€ préc.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 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.