LONDON, Oct 27 (Reuters Breakingviews) - Worldline (WLN.PA) is a work in progress. That was investors’ verdict on the 16 billion euro French payments group after it set out growth targets on Wednesday. The company led by Chief Executive Gilles Grapinet has become a major European player by swallowing up rivals. Now it’s promising annual revenue growth of 9% to 11% over the next 3 years. By 2024 it expects to convert almost 30% of its top line into operating margin before depreciation and amortisation (OMDA) – a measure like EBITDA – from a pro forma 23% last year. The targets exclude a slower-growing terminals unit, which Worldline plans to sell. Meanwhile, Grapinet hopes to grab market share as banks offload their subscale payments units. But Worldline shares dropped 13% as investors fretted about growth. If Grapinet hits his targets, Worldline should earn OMDA of about 1.5 billion euros by 2024. Assuming the terminals sale cancels out debt of around 3 billion euros, the company is valued at less than 11 times its 2024 OMDA, a fraction of Dutch rival Adyen’s (ADYEN.AS) multiple. Investors will take more convincing. (By Peter Thal Larsen) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Post-pandemic consumer pain is insurers’ gain read more Heineken may be through its dry patch read moreDraftKings’ $23 bln M&A flop may have a sequel read more Petrofac adds new data point to market exuberance read more Scarcity value pushes Covea to revive an old deal read more