Worldline - comment

Plenty of news around the company and the payments sector, but none of them transformative for the French incumbent. The sale of its Indian business to BillDesk amounts to €60m, substantial, but rather incremental in the scheme of things. The other big rumour in the sector is that Stripe may be preparing a bid for PayPal. Since this is a consolidation between two PayFac / Aggregators (Stripe stronger on the merchant side / PayPal stronger on the consumer facing distribution), we caution against extrapolating demand for PayPal to demand for Worldline, or even using any of the valuation metrics in the process.

FY25 Results call is today at 17.30.