Worldline: Oddo BHF still neutral after results

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Worldline shares, with an unchanged target price of E7 (NB: cp: E6.
1, -17.5%), after the company published 2024 results slightly below guidance for sales (+0.5% vs guidance = +1% - Q4 = -0.9%) and EBITDA (-3.7% to E1,070m vs. guidance of E1.1bn).

Oddo BHF points out that the group made two profit warnings in 2024 and that Pierre-Antoine Vacheron will be appointed CEO as of 1 March.

The choice of an external candidate with in-depth knowledge of the sector is good news. Since 2018, he has headed BPCE's Payment division. We knew him above all from his previous experience at Ingenico, where his track record was excellent, the analyst points out.

Oddo BHF says that it will be key for the new CEO to turn around problematic results and thus reduce the valuation discount of around 30% to Nexi. In the meantime, our expectations and those of the consensus seem over-optimistic for this new financial year.


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