EBITDA 2017e 408.6
EBITDA 2018e 485.1
12.12.2016:
"We also believe other high growth stocks are trading at more attractive multiples. For
example, Paysafe (PAYS LN, £3.67, Outperform, TP: £4.42) is trading at a large discount to Wirecard. Wirecard and Paysafe are both exposed to higher risk merchants but we prefer Paysafe for the following reasons:
- Less controversy from press and independent researchers. "
Diese Aussage war 3h nach seiner Veröffentlichung Geschichte.
"We recommend investors long-short Paysafe-Wirecard. The realisation of potential risks at Wirecard should close the valuation gap between the two companies while the strategy should hedge investors against volatility in the high risk merchant market due to events such as tightening regulation."
Uff. Wenn Paysafe jetzt so gedrückt wird durch die Berichte, gilt das doch rechnerisch noch viel mehr, oder? Oder stimmen die Vorwürfe bei Paysafe, aber nicht bei wirecard? Oder andersrum?
"Our view:
Zatarra Research may have biased objectives. Such newly incorporated firms are often associated with hedge funds. However, despite their bias, such firms have a good track record of correctly identifying issues.
The lack of any response from US authorities, Visa and MasterCard to Zatarra’s
accusations nine months after the publication of the report reduces the credibility of the
report. However, a response from US authorities, Visa and MasterCard may still be
forthcoming, which would have dramatic effect on the share price.
We believe the acquisition in India at least adds uncertainty. We believe any complex
acquisition structures in developing markets without full disclosures create uncertainty for investors.
We believe it is difficult to definitively confirm or reject the outstanding allegations. However, Wirecard does have a record of controversy over accounting and grey market activity:
In 2008, a senior officer of a German investor association alleged balance sheet
inconsistencies at Wirecard. He was later fined and imprisoned for price manipulation and trading ahead of publication in several stocks.
In 2010, the arrest of an US individual for money laundering related to online gambling in the US showed connections to Wirecard, which in turn denied any association with the individual. In 2016, Zatarra Research claimed some connections linking Wirecard with the individual and UK online gambling.
In conclusion, we believe shares should trade at a significant discount due to above -average uncertainty around acquisitions, accounting and business activities. "
Das ist wirklich heftig. Die erste Analyse, die so deutlich die Vorwürfe thematisiert. Ich bin auf Reaktionen gespannt, insbesondere von Jochen Reichert.
Man kann Meinungen unterdrücken, aber die der Meinung zugrundeliegenden Fakten nicht.