Worldline SA

WLN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€28.00	Fzkrp	Wwjsrdjbt

Worldline’s Performance and Share Price Are Disconnected, Which Offers Opportunity

Niklas Kammer

Feb 23, 2022

Worldline closed the year with a strong performance in the last quarter of 2021, as we had anticipated. Revenue grew 12% to EUR 1,035 million on an organic basis versus the same quarter a year ago, with merchant services, its largest segment, delivering a respectable 15% organic growth. Its EBITDA margin for the full year came in at 25.3%, up 220 basis points. Worldline’s share price has shown a complete opposite trend since the summer of 2021, however, halving from its peak at EUR 85 per share.

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