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[posting]34348927[/posting]Diesmal von JPMorgan: Wirecard announced a strategic partnership with Symmetric systems, which runs VitalPay, a payment processing platform in the US. Wirecard will undertake payment processing for the bulk of the non-US transactions for VitalPay’s global accounts. We note that Microsoft is one of the customers of Symmetric Systems. While we are not able to quantify the incremental business opportunity for Wirecard due to lack of data on Symmetric, we believe that the deal highlights Wirecard’s strong positioning in online payment processing especially in Europe. We expect management to upgrade guidance (currently at 45% EBIT growth for 2008, we are at 47% growth) when they report 2Q2008 on back of this partnership.

Further, datapoints continue to support that online payment processing is one of the resilient sectors in an economic downturn. Wirecard is one of our top picks in European software sector. We believe that the current stock weakness (down 20%+ from its peak in May 2008) due to inline 1Q2008 presents a good buying opportunity.

* Online spending resilient to economic downturn. Management at Pixmania, a leading pan-European online consumer electricals retailer, said yesterday that the consumer downturn is having little impact on internet sales as they were increasingly acquiring business from price-conscious customers. We believe that online payment processing is largely resilient to an economic downturn.

* Core business on track. Wirecard’s EPRM segment grew revenues 63% in 1Q08. The company continues to roll out new offerings (like “PayShield” recently) and partner with other related vendors to reach new customers. We believe that the new deals are likely to enable the company to outperform its current guidance of 45% operating income growth in 2008.

Cortado, ehrlich gesagt, kann ich nicht nachvollziehen, was an 66% Wachstum vs. der Prognose von mehr als 45% schlecht sein soll; v.a. da bei dem saisonbedingten Geschäft von Wirecard in den letzten Jahren das zweite Halbjahr immer stärker war als das erste.
 
aus der Diskussion: Wirecard - Top oder Flop
Autor (Datum des Eintrages): proShare  (22.06.08 15:09:41)
Beitrag: 115 von 60,845 (ID:34349095)
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