(News Bulletin 247) – Morgan Stanley on Tuesday raised its recommendation on Worldline, raised from ‘weight online’ to ‘overweight’, with an unchanged price target of 51 euros.
In a research note, the analyst believes that the title specialist in payment services has all the attributes of the investment philosophy known as ‘growth at a reasonable price’ (GARP).
‘Worldline offers both attractive and defensive growth characteristics, supported by rising inflation and structural factors (erosion of cash, growing card use, market share gains to the detriment of banks)’, emphasizes he in the note.
‘With a PER to 2024 of 13x for organic growth of 8% to 10% and growth in the operating margin before amortization and depreciation (OMDA) around 15%, we see all the qualities specific to the GARP concept’, concludes the intermediary.
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