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Now, hardly anyone on the Frankfurt Stock Exchange expects that checking the latest percentage of total data volume will bring negative news. Image and copyright: Phongphan / shutterstock.com.
April 25, 2020 5:08 pm – Author: Michael Barck 
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Wirecard was, once again, one of the defining themes of the week among DAX stocks. The highly anticipated additional results of KPMG’s audit of allegations of questionable accounting practices, which have been making the headlines of the fintech group since the first reports in the “Financial Times” in early 2019, were to come. After no notable findings were reported for a first half of the businesses to be audited in mid-March, the picture was repeated on April 22: Based on KPMG’s findings to date, there have been no substantial findings yet that have led to corrections in previous annual financial statements.
However, it is not yet at the end of the tests. Wirecard postponed the closing day from April 22 to April 27. Continue to review data that has still been received.
Whoever hoped that the KPMG review would silence critics could have been wrong. The critical tones were read again on Twitter, among others, and not only by “FT” journalist Dan McCrum. The criticism is mainly directed against deficits in Wirecard structures. However, hardly anyone on the Frankfurt Stock Exchange now expects that checking the last percent of total data volume will provide information forcing Wirecard to make massive balance sheet corrections.
Here’s how equity analysts reacted to Wirecard news about the KPMG exam:
- Hauck & Aufhäuser stuck to the Wirecard share buy recommendation with a target price of 270 EUR. This would mean that Wirecard’s share price would have to double to achieve this goal. Hauck & Aufhäuser sees only minimal risks that the KPMG exam will still have negative effects.
- Baader Bank also maintains its buy recommendation for the Wirecard share with a target price of 240 euros. So far, nothing has been found to justify a balance sheet manipulation charge, experts said.
- With a target price of 150 euros, Oddo BHF is not as optimistic about DAX shares. If KPMG still can’t find anything, a 30 percent discount will be removed. The target price should be 200 euros.
- UBS is skeptical about Wirecard’s share price and continues to name 129 euros as the target price for a “neutral” rating. Experts want to take a closer look at what and how KPMG verified. We will now also closely monitor the 2019 report. Wirecard has scheduled the 2019 figures to be April 30.
- DZ Bank has announced that it will quickly review Wirecard’s stock assumptions. So far, a target price of 132.80 euros has been mentioned with a buy recommendation. The result of the KPMG test is expected to leave great uncertainty in the stock.
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Wirecard share: wild party is already over? The course is under pressure!
The sigh of relief felt by Wirecard’s participation yesterday was palpable. So far, KPMG’s examination of the repeatedly charged allegations of dubious accounting practices has been unsuccessful and an “acquittal” is emerging for the fintech group included in DAX. But the test is not yet over. Wirecard has named April 27 as the key date for this, three days later the balance sheet for 2019 will be presented. This promises further volatility in Wirecard’s stock price and fears that critics of the group will not linger. Silence persists despite test results, but a small recovery was announced yesterday after the Wirecard news. The bulls were able to develop especially when the card’s significant technical resistance of around 130.10 / 131.00 euros was removed from the trail. At the end of the XETRA trading day, Wirecard’s stock was trading at EUR 140.90 yesterday … read this 24 April 2020 news!
At a glance: chart and news: Wirecard
