*WIRECARD (OW) Raise PT to €45.00 from €40.00. “M&A very much on the agenda” With the headline metrics already preannounced and no change to guidance, it is hard to get excited by Wirecard announcing its full year report. Nonetheless, the detail confirms that Wirecard had an exceptionally strong close to the year with organic growth at a high and backing up management confidence which has built through the year. The theme of the analyst conference call was obviously M&A and we anticipate a move to increase the footprint in the Americas over the coming 18 months. In addition, FX was downplayed, but USD exposure is likely to benefit Wirecard's growth further in 2015, on our estimates. Following the market rerating, we increase our price target to EUR45 at 29x FY16E PE and reiterate Overweight.