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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