Worldline: The cheapest stock in our Payment coverageBUY-Top Picks, Fair Value EUR29 (+34%)
During meetings with Worldline’s management (CEO and IR) at our TMT conference, much of the time was spent explaining the company’s activities and discussing the sector. They emphasised the complementary benefits of the Equens and KB transactions. And finally, they reiterated the FY16 guidance (+3% in lfl sales, EBITDA margin of 20%, i.e. +80bps, FCF of EUR135/140m), adding that it excludes the last two acquisitions (an update should be provided at the H1 earnings, in July). Buy rating and FV of EUR29 (incl. Equens and the end of the French radar contract are integrated) – Q1 Top Pick. Full Focus report out today.
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