Financials Worldline

Equities

WLN

FR0011981968

Financial Technology (Fintech)

Market Closed - Euronext Paris Other stock markets 11:35:03 2024-04-26 am EDT			5-day change	1st Jan Change
9.95 ^EUR	+2.39%		+4.80%	-36.50%

Apr. 26	Worldline: FIL Limited exceeds 5% of voting rights	CF
Apr. 22	WORLDLINE : Governance is changing but execution remains crucial

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,489	22,074	13,747	10,293	4,434	2,816	-	-
Enterprise Value (EV) ¹	12,131	25,240	16,872	12,495	6,245	4,493	3,997	3,549
P/E ratio	37.4 x	97.7 x	-18.2 x	34.8 x	-5.4 x	17.9 x	8.73 x	6.96 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	4.82 x	8.03 x	3.73 x	2.36 x	0.96 x	0.59 x	0.56 x	0.54 x
EV / Revenue	5.09 x	9.18 x	4.57 x	2.86 x	1.35 x	0.95 x	0.8 x	0.68 x
EV / EBITDA	21.6 x	36.1 x	18.1 x	11 x	5.63 x	3.9 x	3.17 x	2.65 x
EV / FCF	42.2 x	85.7 x	41.4 x	24 x	17.6 x	16.5 x	8.13 x	5.38 x
FCF Yield	2.37%	1.17%	2.41%	4.16%	5.69%	6.05%	12.3%	18.6%
Price to Book	3.58 x	1.73 x	1.52 x	1.1 x	0.52 x	0.32 x	0.3 x	0.29 x
Nbr of stocks (in thousands)	181,936	279,070	280,485	281,767	282,975	282,975	-	-
Reference price ²	63.15	79.10	49.01	36.53	15.67	9.950	9.950	9.950
Announcement Date	2/3/20	2/24/21	2/22/22	2/21/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,382	2,748	3,689	4,364	4,610	4,733	4,987	5,244
EBITDA ¹	561.5	700	933	1,133	1,110	1,152	1,262	1,338
EBIT ¹	442.6	520.5	668.1	864.1	790	842.4	926.8	996.6
Operating Margin	18.58%	18.94%	18.11%	19.8%	17.14%	17.8%	18.58%	19%
Earnings before Tax (EBT) ¹	416	216.9	266.2	294.1	-918.2	309.2	571.6	731
Net income ¹	311	164	-751	299	-817	157.4	369.3	480.2
Net margin	13.06%	5.97%	-20.36%	6.85%	-17.72%	3.33%	7.41%	9.16%
EPS ²	1.688	0.8100	-2.690	1.050	-2.900	0.5544	1.140	1.429
Free Cash Flow ¹	287.6	294.5	407.1	520	355.1	271.9	491.8	659.8
FCF margin	12.07%	10.72%	11.04%	11.92%	7.7%	5.75%	9.86%	12.58%
FCF Conversion (EBITDA)	51.22%	42.07%	43.63%	45.9%	31.99%	23.61%	38.96%	49.3%
FCF Conversion (Net income)	92.48%	179.57%	-	173.91%	-	172.77%	133.17%	137.39%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/3/20	2/24/21	2/22/22	2/21/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	1,230	1,089	1,659	2,272	960	1,035	1,417	939	1,081	2,020	1,158	1,186	2,344	1,070	1,172	2,242	1,182	1,187	2,368	1,078	1,177	2,252	1,212	1,240	2,451
EBITDA	-	246	454	531.5	-	-	401.5	-	95.3	468	-	-	665	-	-	518	-	-	592	-	-	500.5	-	-	632
EBIT	245.7	165.3	355.2	394	-	-	274.1	-	-	346	-	-	518.1	-	-	365.1	-	-	424.9	-	-	363	-	-	472
Operating Margin	19.98%	15.18%	21.41%	17.34%	-	-	19.34%	-	-	17.13%	-	-	22.1%	-	-	16.28%	-	-	17.94%	-	-	16.12%	-	-	19.26%
Earnings before Tax (EBT)	-	69.3	147.6	131	-	-	135.4	-	-	76	-	-	218.1	-	-	104.6	-	-	-	-	-	-	-	-	-
Net income	-	53	111	102	-	-	-853	-	-	-42	-	-	341	-	-	81	-	-	-898	-	-	-17	-	-	43
Net margin	-	4.87%	6.69%	4.49%	-	-	-60.2%	-	-	-2.08%	-	-	14.55%	-	-	3.61%	-	-	-37.92%	-	-	-0.75%	-	-	1.75%
EPS	0.9200	0.2865	0.5200	0.3548	-	-	-3.045	-	-	-0.1499	-	-	1.200	-	-	0.2900	-	-	-3.190	-	-	-0.0600	-	-	0.1500
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/3/20	7/23/20	2/24/21	7/27/21	10/26/21	2/22/22	2/22/22	4/27/22	7/27/22	7/27/22	10/25/22	2/21/23	2/21/23	4/26/23	7/26/23	7/26/23	10/25/23	2/28/24	2/28/24	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	641	3,165	3,126	2,202	1,811	1,677	1,181	734
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.142 x	4.522 x	3.35 x	1.944 x	1.631 x	1.456 x	0.9356 x	0.5482 x
Free Cash Flow ¹	288	295	407	520	355	272	492	660
ROE (net income / shareholders' equity)	9.13%	5.68%	4.75%	5.92%	5.8%	6.43%	7.25%	7.9%
ROA (Net income/ Total Assets)	4.54%	2.7%	2.22%	2.6%	2.39%	1.65%	2.83%	2.59%
Assets ¹	6,848	6,074	-33,891	11,495	-34,178	9,533	13,071	18,512
Book Value Per Share ²	17.60	45.60	32.20	33.30	30.30	31.00	33.30	34.30
Cash Flow per Share ²	2.300	2.460	3.350	3.630	2.810	2.260	3.050	3.310
Capex ¹	114	155	226	325	333	353	373	352
Capex / Sales	4.78%	5.65%	6.12%	7.45%	7.22%	7.45%	7.48%	6.71%
Announcement Date	2/3/20	2/24/21	2/22/22	2/21/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Worldline

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

9.95 EUR

Average target price

14.83 EUR

Spread / Average Target

+49.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Financial Technology (Fintech) (NEC)

	1st Jan change	Capi.
WORLDLINE	-36.50%	3.01B
INTUIT INC.	+1.84%	178B
FIDELITY NATIONAL INFORMATION SERVICES, INC.	+15.86%	40.12B
ADYEN N.V.	+1.11%	39.08B
ROBINHOOD MARKETS, INC.	+40.35%	15.64B
AFFIRM HOLDINGS, INC.	-32.17%	10.23B
FUTU HOLDINGS LIMITED	+21.51%	9.16B
HITHINK ROYALFLUSH INFORMATION NETWORK CO., LTD.	-22.87%	8.98B
PB FINTECH LIMITED	+58.27%	6.75B
STONECO LTD.	-9.32%	5.05B

Financial Technology (Fintech) (NEC)