(CercleFinance.com) – Invest Securities reaffirms its ‘buy’ advice on Worldline while reducing its price target from 24 to 23 euros, remaining positive after a first quarter deemed ‘reassuring’ and marginally adjusted estimates (-0.2% /-0.9%/-0.7% on its BNA 2024-26).
‘The current levels of valuation are aberrant, unless we take into account a structural deterioration of results in the medium or long term’, believes the analyst, who also points to an evolution in governance and a dynamic of partnerships going ‘in the right direction’.
‘The investor day in the second half of 2024 will be a key meeting to quantify the medium-long term potential, in particular the normative EBITDA margin, once the restructuring costs linked to Power24 are behind us,’ he continues.
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