Wirecard AG : Q2 2018 results in line, 2018 guidance upgraded as expected (but midpoint below consensus) – We remain Neutral on valuation grounds

>Solid, but unsurprising H1 2018 numbers - This morning, Wirecard released its full Q2 2018 earnings. As a reminder, preliminary Q2 2018 results were published on 26 July.Key new items are: 1/ H1 2018 EPS rose by 45.8% to € 1.24 (vs € 0.85 last year), i.e. € 0. 67 for Q2 2018 vs a consensus of € 0.66, 2/ adjusted cash flow from operating activities totalled € 196.2m, up 31%, 3/ transaction volumes grew 48.5% overall to € 56.2m. Also, the FCF conversion rate was 1...

Wirecard AG : Q2 2018 results in line, 2018 guidance upgraded as expected (but midpoint below consensus) – We remain Neutral on valuation grounds

>Solid, but unsurprising H1 2018 numbers - This morning, Wirecard released its full Q2 2018 earnings. As a reminder, preliminary Q2 2018 results were published on 26 July.Key new items are: 1/ H1 2018 EPS rose by 45.8% to € 1.24 (vs € 0.85 last year), i.e. € 0. 67 for Q2 2018 vs a consensus of € 0.66, 2/ adjusted cash flow from operating activities totalled € 196.2m, up 31%, 3/ transaction volumes grew 48.5% overall to € 56.2m. Also, the FCF conversion rate was 1...

Wirecard AG : An upward revision to the guidance is possible but already largely priced in

>The full H1 2018 results ought to be solid - Wirecard will release its H1 2018 results on 16 August before trading and follow them up with a conference call at 1pm (Paris time).Note that the group already posted its preliminary Q2 2018 results in late July including: 1/ Q2 2018 sales of € 476.9m (+40%), i.e. € 897.3m in H1 2018 (+45.8%, of which 25% organic growth and the rest stemming from the acquisitions of Citi APAC and Citi US) and 2/ Q2 2018 EBITDA of € 13...

NORMA Group SE : Portfolio Management to trigger a re-rating of the shares

Will Scott Bessent’s arrows hit their targets?

Scott Bessent, the future Treasury Secretary nominated this week by Donald Trump, sums up his roadmap in three points (the equivalent of late Japanese prime minister Shinzo Abe’s three arrows). First, to reduce the federal budget deficit to 3% of GDP by 2028. Second, to raise potential growth to 3% through deregulation. Third: increase oil production (or equivalent) by 3 Mb/d. Energy independence, supply conditions and public finances are interconnected. The world trade situation is not neutral either. The success of this 3-arrow strategy depends on whether Trump's tariff war leads to an escal...

Les flèches de Scott Bessent toucheront-elles leurs cibles ?

Scott Bessent, le futur Secrétaire au Trésor choisi cette semaine par Donald Trump, résume sa feuille de route en trois points (l’équivalent des trois flèches du PM japonais Abe). Un, ramener le déficit du budget fédéral à 3% du PIB en 2028. Deux, relever le potentiel de croissance à 3% grâce à la déréglementation. Trois, augmenter la production de pétrole (ou équivalent) de 3 Mb/j. Indépendance énergétique, conditions de production, finances publiques ont des influences croisées. La situation du commerce mondial n’est pas neutre non plus. La réussite de cette stratégie en dépend, selon que la...