Worldline SA

WLN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€59.00	Xsyhxgf	Rvdzlrysh

Merchant Services Delivers Another Good Quarter for Worldline

Niklas Kammer

Nov 2, 2022

Narrow-moat Worldline reported third-quarter revenue figures, posting a solid organic growth of 10% to EUR 1,158 million compared with the year-ago period. Guidance of 8% to 10% organic revenue growth for the full year was unchanged, suggesting a slowdown in the fourth quarter this year. Year to date, Worldline has delivered a strong 11.6% organic growth. Pressed on this implied negative signal, management highlighted the uncertainty many merchants and consumers in Worldline’s end markets are facing. However, the group still expects to close the year toward the top end of its guided range, and we believe that risks lie to the upside. We maintain our fair value estimate of EUR 91 per share.

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