Wirecard AG : New plan, new lease of life - Buy vs Neutral
>2015 targets 35% above our forecasts - Yesterday at its innovation day in London, Wirecard reiterated its 2018 targets (EBITDA of € 530m-€ 560m) and 2020 and, more importantly, presented the new objectives in its Vision 2025 plan. The group is targeting transaction volumes of € 710bn (vs € 220bn in the Vision 2020 plan), sales of above € 10bn (vs >€ 3bn), EBITDA of above € 3.3bn (vs 30-35% of sales, i.e. above € 1bn at mid-range) and FCF conversion of >65%. There is ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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