我们欧洲TMT会议的要点

Europe Equity Research22 May 2025JPMORGANwww.jpmorganmarkets.comWorldlineTakeaways from our European TMT conference NeutralWLN.PA, WLN FPPrice (22 May 25):€4.88Price Target (Dec-26):€6.30European Tech Hardware & PaymentsCraig A McDowell AC(44-20) 7742-4576craig.mcdowell@jpmorgan.comSandeep Deshpande(44-20) 7134-5276sandeep.s.deshpande@jpmorgan.comJ.P. Morgan Securities plcSpecialist Sales contact details:Scott Silver - Specialist Sales - European TMT(44-20) 7134-0412scott.silver@jpmorgan.comStyle ExposureCEO Pierre-Antoine Vacheron and CFO Gregory Lambertie were present at our European TMT conference, where we attended group meetings. Broadly, current trading seems to be in-line with comments made on Q1 call (stronger performance in Airlines/Travel, but SMEs remain soft). Mr. Vacheron remains focused on stabilising the business such that they can give credible targets at their autumn capital markets day.•Merchant Services: Mr. Vacheron noted that the target platform has been fully re-f