Worldline SA

WLN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€94.00	Twshtgl	Qkqgsfrj

Strong First Half for Worldline as Merchant Services Shines; Shares Remain Cheap

Niklas Kammer

Jul 27, 2022

Narrow-moat Worldline reported a strong first half of 2022 with revenue growing 12.6% on an organic basis to EUR 2,020 million. This is in line with our estimates for the group excluding the terminal business for this year. We maintain our fair value estimate of EUR 91 per share. The payment services acquirer offers material upside, despite its shares reacting favorably on the back of the earnings release July 27.

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