We Reinitiate Coverage of Worldline With a No-Moat Rating and Extreme Uncertainty Rating

Worldline has turned itself into a Europe payment services provider to be reckoned with after a string of acquisitions that added depth and breadth. The group covers the full range of the payment value chain outside card networks, from the processing to the acquiring of payments and issuing of cards. Notably, it monetizes its infrastructure via multiple business streams. Through its merchant acquiring model, it targets merchants directly offering payment acceptance services, while its financial services business leverages its back-end infrastructure to support banks in their endeavor of providing customized payment solutions to clients.