Worldline SA

WLN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€83.00	Kmprct	Dyphhbm

Merchant Services Remains Core Driver for Worldline; Shares Cheap

Niklas Kammer

Feb 21, 2023

Narrow-moat Worldline closed an overall good 2022. Organic revenue growth of 10.7% beat the company’s 8%-10% guidance on a strong showing in merchant services. This segment remains the core focus for Worldline, driving the majority of organic and inorganic revenue growth. Management highlighted a further appetite for transactions in Europe, which we believe is the right strategy in the still highly fragmented European payment space. Lower equity valuations in the payment space as well as a derisked balance sheet after the terminal business disposal should position Worldline well to create shareholder value. We maintain our EUR 91 fair value estimate and view the shares as cheap.

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