Worldline : Slightly severe punishment given broadly unchanged momentum
>Outperform rating, 2023-2024 EPS cut by ~4%, new target price of € 58 (vs € 60) - The stock was down 4% yesterday, mainly due to disappointing 2023 EBITDA margin guidance (26.4% vs consensus at 27.0%), with a lower 2022 pro-forma base than expected (25.4% vs 26.0% reported). The improvement in the pro forma margin (>100bp) also points to strong growth in 2024 (+200bp), which may not leave much scope for nice surprises on operating leverage. The group’s stance on M&A ...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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