Wirecard: Oddo says buy after KPMG investigation
(CercleFinance.com) - KPMG has found no evidence of fraud in 3 out of the 4 areas being investigated.
Following this announcement, Oddo confirms its buy rating on the share, along with a target price of 170 euros.
Oddo points out that KPMG has found no substantial problems with India, Singapore and MCA and has not requested corrections in the group's 2016/17/18 accounts.
There remains the part of the investigation into the activities of third party partners that is still ongoing and which should be completed by 22 April 2020 at the latest, the broker says.
The publication of its annual accounts has therefore been postponed until 30 April, instead of 8 April, analysts add.
Analysts also point to a 'ridiculous' valuation - especially if there is no issue in the accounts.
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