Invest Securities reiterates its 'buy' opinion on Worldline on the grounds of undervaluation, but with a price target lowered from €25 to €24, 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 stock market's reaction (-10%) shows that confidence will take a long time to restore", says the analyst.

In his opinion, stock market 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 (adjusted EV/EBITDA 2024-25 of 7.1-4.8 times) should not be enough', he believes.

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