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"The Management Board expects (…) a strong commercial development": Wirecard respects its annual objectives.(Photo: dpa)
Tuesday, October 30, 2018
A few weeks after the first place on the stock market, the Aschheim fintech star, Wirecard, has to open his books for the first time as a member of Dax. The third quarter interim report was well received by investors. The share price continues to rise.
The Wirecard payment processor is gearing up to meet its annual target after strong growth in the first nine months. Operating profit (EBITDA) is expected to increase from 530 million to 560 million euros for the whole year. The company, recently added to the DAX, confirms its preliminary figures for the first nine months.
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On the stock market, the number of newcomers on Dax has arrived: during the first hour of trading, the price of Wirecard shares has increased by about 2.5%. Given the global macroeconomic uncertainties, the reaffirmation of forecasts is a strong signal, badysts said Hauck & Aufhäuser.
Despite strong growth, Wirecard's earnings over the past three quarters were below three quarters of the year. The result climbed 38% to nearly 396 million euros. However, the direction of the boss Markus Braun is waiting for a final push.
Business is worth more than Deutsche Bank
"The board expects strong growth in activity in the fourth quarter of 2018," said Wirecard. Thanks to the booming global online business, payment processor revenues grew 42 percent from January to September to 1.45 billion euros. Like few other companies in the financial sector, Wirecard benefits from the transfer of funds to the Internet.
The service provider uses online technology to manage other companies' payment transactions and collect commissions for them. Wirecard intends to submit its final quarterly figures and details of its commercial development on November 14th.
Wirecard had climbed to the lead index at the end of September and was there took the place of the Commerzbank. At that time, the young company based in Aschheim, near Munich, was already worth more than even Deutsche Bank in terms of market capitalization.
Source: n-tv.de
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