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    WLN   FR0011981968

WORLDLINE

(WLN)
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Payments firm Worldline sees recovery as lockdowns ease

04/21/2021 | 01:18am EDT

* Q1 revenues dropped 9% to 1.08 billion euros

* Sticks with FY targets, already seeing recovery in Germany

* Sees opportunities from consolidation, Wirecard collapse

April 21 (Reuters) - French payments firm Worldline expects a recovery in sales from this quarter as COVID-19 lockdowns ease, after a drop in the first three months of the year, it said on Wednesday.

The company, which processes transactions for clients ranging from merchants to government agencies, also said it saw opportunities to pick up assets being sold by European banks and to win business after the collapse of rival Wirecard last year.

"We expect a rather positive outlook for this second quarter," finance chief Eric Heurtaux told a media call.

Worldline confirmed its 2021 financial guidance, including a minimum mid-single digit percentage rise in underlying revenues, which Jefferies analysts said was realistic as COVID-19 restrictions ease in key markets and year-on-year comparatives get easier.

Payments processing firms have seen a surge in business as people switch to digital transactions, but the closure of shops, restaurants and other businesses in lockdowns have hit demand.

Worldline's first-quarter revenues dropped 9% to 1.08 billion euros ($1.30 billion), hit by lockdowns, particularly in Germany and Switzerland.

However, the company is already seeing a pick up in Germany, its largest market, accounting for 20-25% of sales.

"We have actually observed very high rebounds in transaction volumes at the end of the first quarter in Germany," chief executive Gilles Grapinet said.

Barclays analysts expect double-digit growth for the next four quarters.

Grapinet pointed to consolidation opportunities across Europe and potential new partnerships following the collapse of Wirecard.

"A certain number of European banks have initiated either disposal processes in their portfolio of payment activities, or seek industrial or business partners to strengthen their development and growth capacities," he said, without identifying the banks.

Worldline said a strategic review of its payment terminal business was on track to be completed this year.

"All options are still on the table," Grapinet said.

($1 = 0.8326 euros) (Reporting by Bartosz Dabrowski and Juliette Portala in Gdansk. Editing by Clarence Fernandez and Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -3.89% 171.86 Delayed Quote.21.91%
WIRECARD AG -0.27% 0.399 Delayed Quote.28.20%
WORLDLINE -1.33% 80.16 Real-time Quote.2.71%
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Financials
Sales 2021 5 067 M 6 017 M 6 017 M
Net income 2021 473 M 562 M 562 M
Net Debt 2021 2 674 M 3 175 M 3 175 M
P/E ratio 2021 48,0x
Yield 2021 0,07%
Capitalization 22 447 M 26 612 M 26 654 M
EV / Sales 2021 4,96x
EV / Sales 2022 4,40x
Nbr of Employees 20 709
Free-Float 86,6%
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Technical analysis trends WORLDLINE
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 22
Average target price 91,46 €
Last Close Price 81,24 €
Spread / Highest target 31,7%
Spread / Average Target 12,6%
Spread / Lowest Target -5,22%
EPS Revisions
Managers and Directors
NameTitle
P. F. D. Gilles Grapinet Chairman & Chief Executive Officer
Eric Heurtaux Chief Financial Officer
Christophe M. W. V. Duquenne Chief Technology & Operations Officer
Susan M. Tolson Independent Director
Aldo Cardoso Independent Director
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