Financials Worldline

Equities

WLN

FR0011981968

Financial Technology (Fintech)

Market Closed - Euronext Paris Other stock markets 11:36:37 2024-05-31 am EDT			5-day change	1st Jan Change
12.25 ^EUR	-1.33%		+8.02%	-21.83%

May. 29	Worldline: payments contract with Raiffeisen	CF
May. 28	Worldline: electronic payments greener than cash	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,489	22,074	13,747	10,293	4,434	3,470	-	-
Enterprise Value (EV) ¹	12,131	25,240	16,872	12,495	6,245	5,161	4,710	3,976
P/E ratio	37.4 x	97.7 x	-18.2 x	34.8 x	-5.4 x	20.4 x	9.89 x	7.23 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	4.82 x	8.03 x	3.73 x	2.36 x	0.96 x	0.73 x	0.69 x	0.66 x
EV / Revenue	5.09 x	9.18 x	4.57 x	2.86 x	1.35 x	1.09 x	0.94 x	0.75 x
EV / EBITDA	21.6 x	36.1 x	18.1 x	11 x	5.63 x	4.51 x	3.74 x	2.91 x
EV / FCF	42.2 x	85.7 x	41.4 x	24 x	17.6 x	23 x	9.7 x	5.95 x
FCF Yield	2.37%	1.17%	2.41%	4.16%	5.69%	4.36%	10.3%	16.8%
Price to Book	3.58 x	1.73 x	1.52 x	1.1 x	0.52 x	0.39 x	0.38 x	0.36 x
Nbr of stocks (in thousands)	181,936	279,070	280,485	281,767	282,975	283,273	-	-
Reference price ²	63.15	79.10	49.01	36.53	15.67	12.25	12.25	12.25
Announcement Date	2/3/20	2/24/21	2/22/22	2/21/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,382	2,748	3,689	4,364	4,610	4,756	4,994	5,293
EBITDA ¹	561.5	700	933	1,133	1,110	1,143	1,261	1,368
EBIT ¹	442.6	520.5	668.1	864.1	790	847.2	940	1,023
Operating Margin	18.58%	18.94%	18.11%	19.8%	17.14%	17.81%	18.82%	19.33%
Earnings before Tax (EBT) ¹	416	216.9	266.2	294.1	-918.2	208.8	576.2	727.1
Net income ¹	311	164	-751	299	-817	188.6	368.3	505.4
Net margin	13.06%	5.97%	-20.36%	6.85%	-17.72%	3.97%	7.37%	9.55%
EPS ²	1.688	0.8100	-2.690	1.050	-2.900	0.6017	1.238	1.694
Free Cash Flow ¹	287.6	294.5	407.1	520	355.1	224.9	485.8	667.8
FCF margin	12.07%	10.72%	11.04%	11.92%	7.7%	4.73%	9.73%	12.62%
FCF Conversion (EBITDA)	51.22%	42.07%	43.63%	45.9%	31.99%	19.67%	38.53%	48.84%
FCF Conversion (Net income)	92.48%	179.57%	-	173.91%	-	119.24%	131.9%	132.16%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/3/20	2/24/21	2/22/22	2/21/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	1,230	1,089	1,659	2,272	960	1,035	1,417	939	1,081	2,020	1,158	1,186	2,344	1,070	1,172	2,242	1,182	1,187	2,368	1,097	1,186	2,287	1,209	1,220	2,438
EBITDA	-	246	454	531.5	-	-	401.5	-	95.3	468	-	-	665	-	-	518	-	-	592	-	-	539	-	-	610
EBIT	245.7	165.3	355.2	394	-	-	274.1	-	-	346	-	-	518.1	-	-	365.1	-	-	424.9	-	-	389	-	-	451
Operating Margin	19.98%	15.18%	21.41%	17.34%	-	-	19.34%	-	-	17.13%	-	-	22.1%	-	-	16.28%	-	-	17.94%	-	-	17.01%	-	-	18.5%
Earnings before Tax (EBT)	-	69.3	147.6	131	-	-	135.4	-	-	76	-	-	218.1	-	-	104.6	-	-	-	-	-	-	-	-	-
Net income	-	53	111	102	-	-	-853	-	-	-42	-	-	341	-	-	81	-	-	-898	-	-	10	-	-	22
Net margin	-	4.87%	6.69%	4.49%	-	-	-60.2%	-	-	-2.08%	-	-	14.55%	-	-	3.61%	-	-	-37.92%	-	-	0.44%	-	-	0.9%
EPS	0.9200	0.2865	0.5200	0.3548	-	-	-3.045	-	-	-0.1499	-	-	1.200	-	-	0.2900	-	-	-3.190	-	-	0.0400	-	-	0.0800
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/3/20	7/23/20	2/24/21	7/27/21	10/26/21	2/22/22	2/22/22	4/27/22	7/27/22	7/27/22	10/25/22	2/21/23	2/21/23	4/26/23	7/26/23	7/26/23	10/25/23	2/28/24	2/28/24	5/2/24	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	641	3,165	3,126	2,202	1,811	1,691	1,240	506
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.142 x	4.522 x	3.35 x	1.944 x	1.631 x	1.479 x	0.9837 x	0.3701 x
Free Cash Flow ¹	288	295	407	520	355	225	486	668
ROE (net income / shareholders' equity)	9.13%	5.68%	4.75%	5.92%	5.8%	6.85%	7.56%	8.39%
ROA (Net income/ Total Assets)	4.54%	2.7%	2.22%	2.6%	2.39%	2.21%	2.7%	3%
Assets ¹	6,848	6,074	-33,891	11,495	-34,178	8,528	13,635	16,848
Book Value Per Share ²	17.60	45.60	32.20	33.30	30.30	31.20	32.40	34.30
Cash Flow per Share ²	2.300	2.460	3.350	3.630	2.810	2.190	2.910	3.390
Capex ¹	114	155	226	325	333	348	366	367
Capex / Sales	4.78%	5.65%	6.12%	7.45%	7.22%	7.31%	7.33%	6.93%
Announcement Date	2/3/20	2/24/21	2/22/22	2/21/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Worldline

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

12.25 EUR

Average target price

14.66 EUR

Spread / Average Target

+19.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Financial Technology (Fintech) (NEC)

	1st Jan change	Capi.
WORLDLINE	-21.83%	3.76B
INTUIT INC.	-7.77%	161B
FIDELITY NATIONAL INFORMATION SERVICES, INC.	+26.32%	42.21B
ADYEN N.V.	+1.56%	39.89B
ROBINHOOD MARKETS, INC.	+64.13%	18.38B
FUTU HOLDINGS LIMITED	+37.54%	10.36B
AFFIRM HOLDINGS, INC.	-40.45%	9.05B
HITHINK ROYALFLUSH INFORMATION NETWORK CO., LTD.	-25.64%	8.66B
PB FINTECH LIMITED	+62.89%	7.01B
STONECO LTD.	-23.24%	4.28B

Financial Technology (Fintech) (NEC)