(News Bulletin 247) – Oddo maintains its outperformance rating on the Worldline share, with a price target reduced from 60 to 58 euros.
‘The stock was down 4% yesterday, mainly due to a disappointing 2023 EBITDA margin guidance (26.4% vs css at 27.0%), with a lower than expected pro forma 2022 basis (25.4% vs 26.0% reported)’, reports the analyst.
Oddo judges this market sanction as ‘a little severe in view of trends which remain solid in Q4 and a 2023 guidance which is admittedly disappointing on the margin but with an overall unchanged trajectory in the medium term’.
Nevertheless, the broker estimates that the 2023 guidance moves away from the group’s 2024 objective of ‘tending towards a 30% margin’.
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