WLN (Neutral, TP: EUR8.5, +30%) NEXI (Neutral, TP: EUR7.2, +20%) ADYEN...

It’s tough times in European payments for Nexi and, in particular, Worldline. Market conditions aren’t helping (though volume growth at V/MA is pretty robust), structural share loss is more the issue (including to Adyen). It’s hard to see this picture unwinding any time soon – and hard to get behind the stocks on a structural basis. Following three profit warnings this year, however, the equity to watch is Worldline.

Worldline: 1 director

A director at Worldline bought 15,250 shares at 6.521EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

Credit Morning 09/25/2024

Unicredit : Exercise of the rights to acquire CNP UniCredit Vita and UniCredit Allianz Vita majority stakes>...

Morning Crédit 25/09/2024

Unicredit : Exercice des droits d'acquisition des participations majoritaires de CNP UniCredit Vita et UniCredit Allianz Vita>...

Credit Morning 09/23/2024

Atalian has extended the term of its €250m factoring facilityCommerzbank: German authorities no longer intend to sell the remaining 12% until further noticeCMA CGM is to acquire port terminal operator Santos Brasil>...

Morning Crédit 23/09/2024

Atalian a prolongé l’échéance de sa ligne d’affacturage de 250 m EURCommerzbank : les autorités allemandes ne comptent plus céder les 12% restants jusqu’à nouvel ordreCMA CGM va racheter l'opérateur de terminaux portuaires Santos Brasil>...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/16/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/09/2024

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INVEST SECURITIES – WORDLINE : Un mal plus profond, Power24 pas suffis...

Worldline : One too many profit warnings for CEO

>A look back at Friday morning's bad news - We had more information on the profit warning issued by Worldline on Friday morning. Financial targets for 2024 had already been lowered in early August. This new profit warning comes from the Merchant Services division (72% of group revenues in 2023). Firstly, after a disappointing June, the recovery seen in MSV in early July was not confirmed in Europe. Secondly, the fairly ambitious recovery plan for Australia failed...

Worldline : Le profit warning de trop pour le directeur général

>Retour sur les mauvaises nouvelles de vendredi matin - Nous avons eu davantage d’informations sur le profit warning lancé par Worldline vendredi matin. Les objectifs financiers 2024 avaient pourtant déjà été revus à la baisse début août. Ce nouvel avertissement provient de la division Services aux commerçants (72% du CA groupe en 2023). Tout d’abord, après un mois de juin décevant, le redressement observé début juillet de la MSV ne s’est pas confirmé en Europe. ...

Credit Morning 09/13/2024

Elis: feedback from the ‘Credit conf call’Worldline: new profit warning, CEO resigns>...

Morning Crédit 13/09/2024

Elis : feed-back de la visioconférence « Crédit »Worldline : nouveau profit warning et démission du CEO Gilles Grapinet>...

Worldline : Change of CEO and profit warning

>Change of CEO - Worldline this morning announced a major development in its governance. Following a meeting yesterday, the new board has announced the departure of CEO Gilles Grapinet at the end of this month. He had been in post for over a decade. The search for a new CEO will get under way with the assessment of internal and external candidates. The capital markets day due to take place on 26 November is to be rescheduled.Marc Henri Desportes, t...

Worldline : Changement de CEO et profit warning

>Changement de CEO - Worldline annonce ce matin une évolution importante de sa gouvernance. Suite à une réunion hier, le nouveau conseil d’administration a décidé le départ du CEO Gilles Grapinet à la fin de ce mois. Il était en poste depuis plus d’une décennie. La recherche d’un nouveau CEO va commencer avec l’évaluation de candidatures internes et externes. Le Capital Markets Day du 26 novembre est reporté.Marc Henri Desportes, numéro 2 de la soc...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/13/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/09/2024

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PYPL US (BUY, TP: $85, +24%) ADYEN (BUY, TP: EUR1,700) SQ US (Neutral,...

We continue our series of Deep dives into Payments (see previous: Unified Commerce, and Rise of the Merchants) with a look at Real Time Payment (RTP) developments. Adoption has been rapid on a global basis, notably at the consumer level in markets like Brazil, though is a significant laggard in the US. Momentum here is, however, slowly building through FedNow (launched only in 2023) with banks/FIs stalling, but with consumer demand we think high and with a Visa/Mastercard interchange settlement ...