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Worldline Misses On Org Sales, Guides For Slower FY24; Credit Spreads Muted

TECHNOLOGY


  • Q4 revenue in line at +1.4% YoY though Q4 org sales growth disappointed at 1.3% vs. 2.1% consensus (note consensus here based on only three estimates)
  • FY results in line on revenue though again with a miss on org sales growth at 6% vs. 6.3% consensus and 6-7% guidance, while EBITDA was in-line.
  • The company recorded a FY loss of EUR ~800mn though this was largely driven by a EUR 1.15bn goodwill impairment.
  • On credit metrics; leverage down to 1.6x from 1.9x at FY22 though FCF conversion fell to 32% from 46% (in line with 30-35% guidance based on OMDA; now EBITDA).
  • Outlook implies a slower FY24, aiming for >3% org sales growth with stable EBITDA and FCF of just EUR 230mn from EUR 355mn this year.
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