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West International: Redeye: Westpay - Uncertain times

2018 has not been without challenges for Westpay and as expected Q4
was no exception. We have not seen a pick-up in announced orders, so
we also remain cautious about the start of the year. On the more
positive side, the company continues to present important
collaborations like with Wirecard and the latest with HSR. We have
adjusted both our projections and financial Rating downwards. We like
the long-term growth story of Westpay and believe that the company
will succeed in its endeavors, but in the short-term, the market will
most likely only focus on the decline in sales. We model increased
growth during H2'19, but still one must recognize that the
uncertainty is high in these types of situations

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