WISE (Neutral, TP: £8.30, +0%) WISE FY 24 update: Where did the Cross-border volume growth go?
Following this week’s FY 24 trading statement we have updated estimates. We see ongoing weaker than expected core cross-borer transfer volumes, driven by dilutive volume/new add, offset by debit card use (interchange) and stronger NII (higher for longer rates). In addition lower FX volatility is also supporting gross margins for the time being. It’s an interesting time to review historic cross-border volume expectations, relative to TAM, with downward revisions for consensus volumes expectations and market share gains seemingly lower than expected (or the TAM proving optimistic).
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