Wirecard AG : EY cannot confirm EUR 1.9bn of cash, very high liquidity risk in our view
In the sectorial report on payment services we published yesterday early in the morning (at about 7.20-7.30am), we notably highlighted three elements on Wirecard’s capital structure: i/ the location of cash within the structure, which differs in our understanding from the three other companies we cover (Worldline, Ingenico, Nexi); ii/ the existence of OpCo guarantors under the straight bond (that subordinates the Argentum exchangeable bond – our view differs from that of Moody’s)...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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