Worldpay: Bryan Garnier maintains sell rating.

(CercleFinance.com) - Bryan Garnier has reiterated its "sell" rating on Worldpay, with a fair value of 278 pence, the day after an agreement in principle was reached for a merger between the British payment solutions specialist and its US peer Vantiv.


The broker points out that the terms of this transaction, which will be mainly through the exchange of shares, would imply a total value for Worldpay shareholders of 385 pence per share, 38% more than its fair value.

Bryan Garnier therefore suggests that investors sell their Worldpay shares and buy those of other players in the payments sector, such as Ingenico, Wirecard and Worldline, rather than become new shareholders of Vantiv.


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