Worldline: Invest Securities a buyer once again
(CercleFinance.com) - The European Commission's authorisation clears the last doubt surrounding the takeover of Ingenico, the broker Invest Securities says.
We currently estimate 2020-22e EPS growth of (+3%/+25%/+28%) to integrate Ingenico for its entire scope (Retail + B&A) as from 1 November, while pointing out that the operation will be less accretive (+10%), as we believe that the divestment of B&A (Payment Terminals) is almost certain, analysts say.
Worldline will in turn be de-leveraged, enabling it to participate in sector concentration.
Invest Securities has therefore raised its target price for the share to 88 euros (versus 77 euros).
Given positive momentum and rebuilt potential, the broker has renewed its buy rating on the Worldline share, entering it into today's IS Selection (best pick list). Concerning Ingenico, it recommends shareholders to tender their shares to the current offer, the analyst adds.
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