Worldline SA

WLN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€14.00	Lvljyn	Dxhlyvtm

Worldline Reports a Good Set of Revenue Figures in Line With Expectations; Shares Cheap

Niklas Kammer

Apr 28, 2022

Narrow-moat Worldline reported a strong set of revenue figures for the first quarter of 2022. On an organic basis, revenue grew 11.6% to EUR 939 million carried by its merchant services segment. Transaction volumes in the first quarter were 36% ahead of last year and 27% ahead of 2019. In-store and online volumes grew 37% and 32%, respectively. Both figures are strong and in direct conflict with the idea that Worldline is losing market share to e-commerce-focused payment services providers. Management also reiterated its full-year guidance of 8% to 10% organic revenue growth despite international travel still lagging 2019 levels.

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