Worldline: Invest Securities still a buyer but cuts TP
(CercleFinance.com) - Invest Securities reiterates its 'buy' rating on Worldline shares, while lowering its target price for them from E23 to E20, in view of a valuation deemed 'derisory' after taking into account the new 2024 guidance (2024-25 P/E of 6.
9x-4.7x).
The analyst believes, however, that the warning on 2024 results, while minimal, gives the impression of an eternal headlong rush, with one reason after another justifying organic growth and profitability far from their normative level.
In his opinion, the forthcoming CMD on 26 November represents more of a risk factor than a catalyst, with the possibility that management will find a new reason in 2025 for the lack of performance improvement.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
9x-4.7x).
The analyst believes, however, that the warning on 2024 results, while minimal, gives the impression of an eternal headlong rush, with one reason after another justifying organic growth and profitability far from their normative level.
In his opinion, the forthcoming CMD on 26 November represents more of a risk factor than a catalyst, with the possibility that management will find a new reason in 2025 for the lack of performance improvement.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.