Worldline : Disproportionate stock market penalty and valuation hard to justify
>Stock market penalty on a scale hard to justify – Target price revised to € 20 (vs € 45), Outperform rating maintained on the speculative aspect - Worldline shares closed down 59% yesterday. While the profit warning was very significant, particularly in terms of FCF (2023 and 2024 FCF cut by 30-60%), our feeling is that the group’s communication was main focus of yesterday’s punishment. The combination of several issues (macro slowdown in Germany, quality of e-tailer...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).
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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