Wirecard - Top oder Flop (Seite 11021)

[Anubisra100]

Antwort auf Beitrag Nr.: 61.371.608 von Chef_III am 29.08.19 17:12:23

Also wenn ,dann mit den Zahlen auch die Namen dieser 3 RIESENKUNDEN! Wieso Morgen,ist Morgen PK geplant oder was?

[Anubisra100]

!

Dieser Beitrag wurde von CloudMOD moderiert. Grund: bitte das Threadthema beachten, bleiben Sie bitte sachlich

[Deno80]

Die meisten DAX Konzerne sind zwischen A2 und Baa2 gerated. Sobald sich die netto Verschuldung reduziert, wird auch ein upgrade folgen können (so sieht es Moody's). Die netto Verschulund hat im Moody's rating oft die höchste Gewichtung.
Baa3 ist Investmentgrade. Für ein relativ junges Unternehmen ein gutes Rating.

[Chef_III]

Antwort auf Beitrag Nr.: 61.371.338 von keinSpieler am 29.08.19 16:47:33

Zitat von keinSpieler: also ich sehe das Rating Baa3 nicht so euphorisch oder begehrenswert, eher durchschnittlich. Herr Dr. Braun wird also liefern müssen und zwar nicht in Trump Manier per Twitter, sondern mit Zahlen. Trotzdem bin ich investiert und gespannt ( wie viele hier ).

Herr Braun scheint bei den relevanten Investoren mit seinen Tweets auf taube Ohren zu stoßen.
Dass er behauptet, drei Kunden-Verträge allein hätten das Potenzial, das gesamte Transaktionsvolumen der Wirecard aus dem Vorjahr zu übertreffen hätte normalerweise zu einer Kursexplosion führen müssen - stattdessen wird der Rückwärtsgang eingelegt.


Herr Braun Bitte Morgen konkrete Zahlen twiittttteeerrrn

[bear2aid]

Antwort auf Beitrag Nr.: 61.370.990 von Deno80 am 29.08.19 16:09:08

Zitat von Deno80: ..................
Unten die Credit Opinion von Moody's. Interessant ist wie die Financial Times in einem Artikel hierzu folgende Überschrift wählt "Wirecard rated just above junk by Moody’s as it launches €500m bond. Sehen notorisch in allem das Negative zu Wirecard...........

"Rating Action: Moody's assigns first-time Baa3 rating to Wirecard AG; outlook stable

29 Aug 2019

Frankfurt am Main, August 29, 2019 -- Moody's Investors Service ("Moody's") has today assigned a first-time Baa3 long-term issuer rating to the German payment solution provider Wirecard AG (Wirecard). Moody's has also assigned a Baa3 rating to Wirecard's €500 million announced senior unsecured notes. The outlook on all ratings is stable.



"Wirecard's Baa3 issuer rating reflects its leading position in the payment processing market, especially in Europe and in the strongly growing Asian markets and its comprehensive product portfolio in the highly competitive industry," says Dirk Goedde, an Assistant Vice President and lead analyst for Wirecard. "It also factors in the company's strong profitability and EBITDA growth as well as a high free cash flow generation ability providing good deleveraging capacity," Mr. Goedde continues. Moody's expects that Wirecard will reduce its adjusted financial leverage to 2.5x in the next 12-18 month and will maintain a capital structure on a sustained basis in line with the requirements for an investment grade rating.



RATINGS RATIONALE



The Baa3 ratings reflect as positives; (1) Wirecard's strong market position in Asia and Europe in the strongly growing industry of cashless payment solutions, (2) a well-diversified business profile in terms of customers, geographies and products, (3) its scalable software platform with comprehensive value adding services to serve convenience to its customer base, (4) its sound financial profile with very high margins driving a strong cash flow generation which allows for a swift deleveraging of the slightly elevated gross debt including the planned issuance of the convertible bond, and (5) a financial policy committed to preserve a capital structure in line with the requirements for an investment grade rating, even in a scenario of accelerated M&A activity as well as a good liquidity profile, characterized by a high cash position.



At the same time, the rating is constraint by (1) Wirecard's yet smaller scale compared to the leading US payment processors in a highly competitive market, but scale is however expected to increase over the coming years, (2) the strong growth in a dynamic market especially in foreign countries which requires a high degree of governance and risk control, (3) a constant threat of hidden competition from new market entrants or new technologies which might emerge quickly (4) inherent risk of changes in regulation and technology which might affect the business negatively and (5) the ongoing commoditization of payment processing and related pricing pressure.



RATIONALE FOR THE STABLE OUTLOOK



The stable outlook reflects our expectation that Wirecard will generate adjusted EBITDA growth of high-teens to mid-twenties in percentage terms over the next 12-18 months while not exceeding Moody's adjusted debt to EBITDA of 3.0x including the envisaged €900 million convertible bond (Softbank) as well as the €500 million planned bond issuance which will predominantly be used for repayment of existing debt. The €900 million convertible bond (Softbank) will be used for investments in growth, repayment of existing debt and potential share buyback. The company will be able to generate high free cash flow of around €400 million in the next 12-18 months which yields in decent deleveraging capacity. Additionally, we expect the company to maintain its prudent financial policy with no elevated shareholder distributions or no major share buybacks as well as a conservative financial profile, even in a scenario of intensified M&A activity.



WHAT COULD CHANGE THE RATING UP/DOWN



Moody's could upgrade Wirecard if Moody's adjusted debt to EBITDA is sustainably near to 2x while showing a sustained track record of profitable above market growth and maintaining a strong liquidity as well as free cash flow to debt close to 20%, including the absence of major M&A activity.



Vice versa, Moody's might downgrade Wirecard when the criteria for a stable outlook are not met. Additionally, we will review the rating positioning in case the company misses the above mentioned expected growth or if there are any signs of deteriorating liquidity.



LIQUIDITY ANALYSIS



Wirecard's liquidity is strong. The company generated a high free cash flow of €371 million in the last twelve months ended in June 2019 on a Moody's adjusted basis, representing a cash conversion of 55% of Moody's adjusted EBITDA. In line with the envisaged growth of the company, we expected a further increase of free cash flow to the range of €400 million in the next 12-18 months. This is based on our assumption of a stable dividend policy (including no major share buybacks) as well as no major acquisition. The company further benefits from its high cash on balance sheet of in total €1,665 million in Moody's adjusted terms. From the total cash position of €3,048 million we exclude €1,559 million customer deposits from the banking operations, €347 million deposits from the acquiring business as these are not freely available to Wirecard as per June 30th, 2019. We furthermore include €523 million interest bearing securities and fixed deposits.



The company has access to a €1,750 million revolving credit facility due in 2024 that was drawn by €1,570 million as of end of June 2019. The documentation entails a leverage covenant with ample headroom. The planned bond issuance will be at least partially used to repay utilizations under the revolving credit facility and thus provide a further liquidity buffer. In addition, Moody's favourably notes Wirecard's intention to diversify its funding structure, considering the planned convertible bond and target unsecured bond issuance, which reduces the reliance on bank funding sources going forward. Despite this improvement of diversification, Wirecard has now some refinancing risk in 2024."

Die FT macht sich lächerlich. "It's personal, baby!". Das passt als Leitmotiv in B - movies. Und in die FT, offenbar.

[bear2aid]

Antwort auf Beitrag Nr.: 61.370.675 von awsx am 29.08.19 15:33:15

Zitat von awsx: Ich habe im MC2467 eine neue Longposition eröffnet. 0,99
http://optionsscheine.finanztreff.de/dvt_einzelkurs_uebersic…
Glück auf! 👍

Das ist doch mal ein statement. Viel Glück. Wäre auch mir recht, wenn das klappt.

[keinSpieler]

also ich sehe das Rating Baa3 nicht so euphorisch oder begehrenswert, eher durchschnittlich. Herr Dr. Braun wird also liefern müssen und zwar nicht in Trump Manier per Twitter, sondern mit Zahlen. Trotzdem bin ich investiert und gespannt ( wie viele hier ).

[Jules3000]

Antwort auf Beitrag Nr.: 61.371.176 von ZockerJoerg am 29.08.19 16:28:29

Bullshit. Das ist doch kein großes Volumen heute.

[ZockerJoerg]

Antwort auf Beitrag Nr.: 61.370.375 von Anubisra100 am 29.08.19 15:01:54

Ich finde den Kursverlauf auch auffällig 🤔. Heute sehr viele Stücke gehandelt. Sensationelle Neuigkeiten in den letzten Wochen.
Ergebnisserwartungen übertroffen und angehoben. Zukunftsmarkt.
Fast alle Analysten sehen den fairen Wert von Wirecard über 200€.
Warten wir mal die nächsten Wochen (nach demSoftbank Einstieg) ab.

[Deno80]

..................
Unten die Credit Opinion von Moody's. Interessant ist wie die Financial Times in einem Artikel hierzu folgende Überschrift wählt "Wirecard rated just above junk by Moody’s as it launches €500m bond. Sehen notorisch in allem das Negative zu Wirecard...........

"Rating Action: Moody's assigns first-time Baa3 rating to Wirecard AG; outlook stable

29 Aug 2019

Frankfurt am Main, August 29, 2019 -- Moody's Investors Service ("Moody's") has today assigned a first-time Baa3 long-term issuer rating to the German payment solution provider Wirecard AG (Wirecard). Moody's has also assigned a Baa3 rating to Wirecard's €500 million announced senior unsecured notes. The outlook on all ratings is stable.



"Wirecard's Baa3 issuer rating reflects its leading position in the payment processing market, especially in Europe and in the strongly growing Asian markets and its comprehensive product portfolio in the highly competitive industry," says Dirk Goedde, an Assistant Vice President and lead analyst for Wirecard. "It also factors in the company's strong profitability and EBITDA growth as well as a high free cash flow generation ability providing good deleveraging capacity," Mr. Goedde continues. Moody's expects that Wirecard will reduce its adjusted financial leverage to 2.5x in the next 12-18 month and will maintain a capital structure on a sustained basis in line with the requirements for an investment grade rating.



RATINGS RATIONALE



The Baa3 ratings reflect as positives; (1) Wirecard's strong market position in Asia and Europe in the strongly growing industry of cashless payment solutions, (2) a well-diversified business profile in terms of customers, geographies and products, (3) its scalable software platform with comprehensive value adding services to serve convenience to its customer base, (4) its sound financial profile with very high margins driving a strong cash flow generation which allows for a swift deleveraging of the slightly elevated gross debt including the planned issuance of the convertible bond, and (5) a financial policy committed to preserve a capital structure in line with the requirements for an investment grade rating, even in a scenario of accelerated M&A activity as well as a good liquidity profile, characterized by a high cash position.



At the same time, the rating is constraint by (1) Wirecard's yet smaller scale compared to the leading US payment processors in a highly competitive market, but scale is however expected to increase over the coming years, (2) the strong growth in a dynamic market especially in foreign countries which requires a high degree of governance and risk control, (3) a constant threat of hidden competition from new market entrants or new technologies which might emerge quickly (4) inherent risk of changes in regulation and technology which might affect the business negatively and (5) the ongoing commoditization of payment processing and related pricing pressure.



RATIONALE FOR THE STABLE OUTLOOK



The stable outlook reflects our expectation that Wirecard will generate adjusted EBITDA growth of high-teens to mid-twenties in percentage terms over the next 12-18 months while not exceeding Moody's adjusted debt to EBITDA of 3.0x including the envisaged €900 million convertible bond (Softbank) as well as the €500 million planned bond issuance which will predominantly be used for repayment of existing debt. The €900 million convertible bond (Softbank) will be used for investments in growth, repayment of existing debt and potential share buyback. The company will be able to generate high free cash flow of around €400 million in the next 12-18 months which yields in decent deleveraging capacity. Additionally, we expect the company to maintain its prudent financial policy with no elevated shareholder distributions or no major share buybacks as well as a conservative financial profile, even in a scenario of intensified M&A activity.



WHAT COULD CHANGE THE RATING UP/DOWN



Moody's could upgrade Wirecard if Moody's adjusted debt to EBITDA is sustainably near to 2x while showing a sustained track record of profitable above market growth and maintaining a strong liquidity as well as free cash flow to debt close to 20%, including the absence of major M&A activity.



Vice versa, Moody's might downgrade Wirecard when the criteria for a stable outlook are not met. Additionally, we will review the rating positioning in case the company misses the above mentioned expected growth or if there are any signs of deteriorating liquidity.



LIQUIDITY ANALYSIS



Wirecard's liquidity is strong. The company generated a high free cash flow of €371 million in the last twelve months ended in June 2019 on a Moody's adjusted basis, representing a cash conversion of 55% of Moody's adjusted EBITDA. In line with the envisaged growth of the company, we expected a further increase of free cash flow to the range of €400 million in the next 12-18 months. This is based on our assumption of a stable dividend policy (including no major share buybacks) as well as no major acquisition. The company further benefits from its high cash on balance sheet of in total €1,665 million in Moody's adjusted terms. From the total cash position of €3,048 million we exclude €1,559 million customer deposits from the banking operations, €347 million deposits from the acquiring business as these are not freely available to Wirecard as per June 30th, 2019. We furthermore include €523 million interest bearing securities and fixed deposits.



The company has access to a €1,750 million revolving credit facility due in 2024 that was drawn by €1,570 million as of end of June 2019. The documentation entails a leverage covenant with ample headroom. The planned bond issuance will be at least partially used to repay utilizations under the revolving credit facility and thus provide a further liquidity buffer. In addition, Moody's favourably notes Wirecard's intention to diversify its funding structure, considering the planned convertible bond and target unsecured bond issuance, which reduces the reliance on bank funding sources going forward. Despite this improvement of diversification, Wirecard has now some refinancing risk in 2024."