Breakingviews - Europe’s payments hopeful is a work in progress
on Wednesday. The company led by Chief Executive Gilles Grapinet has become a major European player by swallowing up rivals. Now it’s promising annual revenue growth of 9% to 11% over the next 3 years. By 2024 it expects to convert almost 30% of its top line into operating margin before depreciation and amortisation – a measure like EBITDA – from a pro forma 23% last year.
The targets exclude a slower-growing terminals unit, which Worldline plans to sell. Meanwhile, Grapinet hopes to grab market share as banks offload their subscale payments units. But Worldline shares dropped 13% as investors fretted about growth. If Grapinet hits his targets, Worldline should earn OMDA of about 1.5 billion euros by 2024.
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