Worldline: Invest Securities lowers TP

(CercleFinance.com) - Invest Securities reiterates its 'buy' rating on Worldline shares, on the grounds of undervaluation, albeit with a target price trimmed from E25 to E24, taking into account a more cautious long-term adjusted EBITDA margin assumption.


While yesterday's 2023 results and 2024 guidance came as no major surprise compared with last autumn's painful reset, the stockmarket's reaction (-10%) shows that confidence will take a long time to restore, the analyst says.

In his opinion, stockmarket recovery will only come about through an improvement in momentum, which is unlikely to be seen until early 2025. In the meantime, the value character alone (2024-25 adjusted EV/EBITDA of 7.1-4.8x) should not be enough, he believes.


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