Worldline: Bryan Garnier welcomes acquisition of DRWP.

(CercleFinance.com) - Bryan Garnier has reinstated its "buy" rating on Worldline, adjusting its fair value from 34 euros to 35 euros after the acquisition of Digital River World Payments (DRWP) at a price considered "reasonable" (probably less than 15x EBITDA)".


"The group is above all acquiring a technology that is very complementary with its SIPS gateway", says the broker, which sees an accretive 0.4% impact in 2017 (three months consolidation), followed by 3% in 2018 (first full-year consolidation).

Beyond the integration of DRWP, Bryan Garnier expects the payment solutions provider to make other small and medium-sized M&A transactions towards the end of the year.


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