Market hammers Worldline share price image credit: shutterstock.com

Worldline now forecasts full-year organic revenue growth of 6% to 7%, down from its previous forecast of 8% to 10%. Worldline’s third quarter earnings revealed that it missed sales estimates in the quarter. It has responded by announcing Power24, its planned post-integration transformation ambition. Specifically, it is targeting €200m run-rate cash costs savings in 2025, with a fast ramp-up in 2024.

The market response was swift and brutal. Worldline’s share price slumped by almost 60% to €9.42. The Worldline share price peaked at just over €84 in July 2021. Since then, its share price is down by over 80%.

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Nexi, Adyen share price falls, CAB market valuation -85% post IPO

Worldline peers were also impacted. Nexi shares fell by 15%. Since July 2021, the Nexi share price is down by 70%. Adyen’s share price dropped by 6%. Its share price has tumbled by 76% since peaking in November 2021. Meantime, CAB Payments, the cross-border payments fintech spun out of Crown Agents Bank, endured the humiliation of issuing a profit warning a mere three months after its flotation. It has lowered its full year revenue forecast by 17%.

CAB Payments was valued at around £850m in July when it went public. Shares opened at a fixed £3.35 when it went public in July for a market value of around £850m. Its share price has now dived by 85% to £0.50 for a market valuation of below £130m. In fiscal 2022, CAB reported adjusted EBITDA up by 338% to £56m with revenues more than doubling to £109m (2021: £53m).

Worldline’s Q3 2023 revenue of € 1.19bn, represents +4.8% organic growth. This is mainly driven by Merchant Services at +7.6% organically (+10.0% excluding Germany). According to Worldline, this is impacted by temporary headwinds. Financial Services is down -2.9%, due to delays of new signing contracts as expected.

Worldline CEO: macro environment has deteriorated

Gilles Grapinet, CEO of Worldline, said: “After a solid start of the year, we now enter into a second semester where the macro environment deteriorates, in particular in Germany. This evolution is reflected in our third quarter performance despite satisfactory commercial developments in Merchant Services. In this context, we decided to update our 2023 objectives.

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“In 10 years, Worldline has created one of the largest payment companies in Europe, benefitting from a unique value proposition based on cutting edge technology, strong market positions and powerful distribution channels alongside leading banking partners. As we are reaching the completion of Ingenico integration, we are ready to enter into a new phase of our company journey ready to unleash the power of our combined assets, and to make Worldline more agile to boost its growth potential. More than ever, we are convinced by the unique and structural opportunity that the European and wider digital payment market represent.”