WLN (Buy, TP: EUR61, +50%) Worldline Q4s: Solid trends, Guidance implies upside to top-line; Feedback from earnings call
Worldline reported solid Q4/H2s this morning. Revenue came in 0.7% ahead of consensus, OMDA (EBITDA) 1.1% ahead. FCF of EUR520m compared to EUR504m expected helping bring leverage down to 1.7x for FY 22. Guidance for FY 23 suggests potentially some upside to estimates: 8-10% revenue growth (consensus at 7.9%) and supported by strong commercial momentum/wins in Q4, EBITDA margin expansion of >100 bps (consensus at 120 bps).Adyen NV, formerly Adyen BV, is provider of mobile, online and point-of-sale (POS) payment solutions based in the Netherlands. It operates an online platform enabling merchants to accept payments internationally and from all sales channels, such as online shops, mobile payments from applications and Websites, and POS, such as countertops, mobile terminals, tablets and cash registers, among others. The platform covers the entire payment chain, including technical, contractual, reconciliation and settlement processes. The platform is available in the form of ready-to-use payment pages (HPP), application programming interface (API), and client-side encryption solution (EE). The Company's customers include Mango, KLM, Netflix, Superdry, Uber, Groupon and Crocs, among others. It has offices in the Netherlands, the United Kingdom, France, Germany, Belgium, Brazil, China, Australia, Mexico, Singapore, Spain, Sweden and the United States.
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).
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