Report
Emmanuel Matot ...
  • Stephane Houri

Worldline : Nexi/SIA en réponse à Worldline/Ingenico et en attendant d’autres deals

>Read-across Nexi/SIA - Hier matin, Nexi a officialisé son projet de rachat de SIA en titres. Nous présentons ci-dessous nos principales conclusions pour Worldline.Au niveau de la valorisation, Nexi rachète SIA sur la base d’un multiple EV/EBITDA 2019 de 14x en intégrant les synergies, à comparer à 11x retenu par Worldline en février dernier pour Ingenico. Mais le read-across apparait limité car SIA et Ingenico opèrent sur des segments de marché différents (SIA =...
Underlying
Worldline SA

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).

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Emmanuel Matot

Stephane Houri

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