Ingenico Group

Ingenico Group is a business technology company, operating in 125 countries. Co. designs, develops and supplies payment terminals, offering mercantile payment solutions, cross-border and global payment services and certified global service platform. Co.'s services are done around Payment terminals and software; Terminal estate management, security application updates; Connectivity ensuring the terminal-to-bank host connection; Full after-sales service taking charge of every phase in the lifecycle of terminals and software; 24/7, from installation, maintenance & repair to upgrades; Centralization of transactions; End-to-end security - from terminal to bank or processor..
  • TickerING
  • ISINFR0000125346
  • ExchangeEuronext Paris
  • SectorTechnology Hardware & Equipment
  • CountryFrance

Analysts

Ingenico - Assemblée générale des actionnaires du 11 juin 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Matthieu Lavillunière ...
  • Maxime Dubreil

INVEST SECURITIES - INGENICO : Approche prudente retenue avant le CMD - VENTE vs NEUTRE, OC 50€ (vs 46€)

1 director bought

A director at Ingenico Group bought 1,600 shares at 60.288EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Ingenico – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

INGENICO GROUP sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of INGENICO GROUP (FR), a company active in the Computer Hardware industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 15, 2019, the closing price was EUR 54.92 and its potential was estimated at EUR 62.36.

Joan Sehim

INGENICO- 1H18 Comments

Ingenico, the world’s No. 1 payment terminals provider, has reported weak 1H18 results, as expected by management and investors for several months now. Revenues came in at €1,229m, down 3% organically, and EBITDA plummeted to €193m from €260m in 1H17. The results largely suffered from an unfavorable basis of comparison, with 1H17 having been boosted by the demonetization push in India and the migration towards PCI in Europe.

Joan Sehim

Ingenico - Weak 1Q18 as expected

Ingenico, the world’s No. 1 payment terminals provider, has reported weak 1Q18 sales, as expected by management and investors. The quarter saw a 5% organic decline in revenue from a year ago.

Tony Lebon

Ingenico : Issuance focus

Ingenico is preparing the launch of a non-rated 7-year (2024) senior unsecured bond issue of € 500m. The issuance proceeds will be used to finance the Bambora deal and for general corporate purposes.The terms of the issue are fairly standard with an investment-grade style prospectus. As with the existing Ingenico 2021 bond, the preliminary prospectus for the new bond includes a portability clause in the context of the poison put (change of control). The put cannot be exercised if the predator is rated "at least BBB-“ and maintains this rating following the integration of Ingenico. Ingenico is ...

Tony Lebon

Ingenico : Focus Emission

Ingenico souhaite émettre une obligation senior unsecured d’échéance 7 ans (2024) non notée de 500 m EUR. Le produit d’émission servira à financer l’acquisition de Bambora et pour les besoins généraux de l’entreprise.Les clauses de l’émission sont assez classiques avec un prospectus de type Investment-Grade. On notera que, comme pour l’obligation existante Ingenico 2021, dans le prospectus préliminaire de la nouvelle obligation figure une clause de portabilité dans le cadre du poison put (changement de contrôle). Le put ne peut être exercé si le prédateur est noté « au moins » BBB- et maintie...

Tony Lebon

Ingenico : A structurally high free cash flow, which should limit afterwards the impact of potential new acquisitions

We are publishing an update on the group, ahead of an Ingenico credit lunch that we are organising in Paris on 22 March. - We are maintaining our Stable credit opinion on the company: the group should continue to post a solid growth profile with organic sales progression close to 10%. In addition, profitability is expected to improve over the next few years. Although the M&A risk is real (and thus integrated in a rather conservative way in our estimated rating), the group's strong free cash flow generation should allow it to quickly reduce its debt after potential acquisitions. - We are reiter...

Matthieu Lavillunière ...
  • Maxime Dubreil

INVEST SECURITIES - INGENICO : Approche prudente retenue avant le CMD - VENTE vs NEUTRE, OC 50€ (vs 46€)

Richard-Maxime Beaudoux

INGENICO GROUP: We still advise investors to consider ING as a “Special Situation” stock | BUY | EUR64

INGENICO GROUP - BUY | EUR64(+35%) We still advise investors to consider ING as a “Special Situation” stock Challenging FY18: broadly in line with preliminary figures Action plan and detailed 2019 financial guidance We still see ING (Buy, FV EUR64) as a “Special Situation” stock

Emmanuel Matot

Ingenico : No surprises from the release after a profit warning at end-January

>Tough year-end confirmed - Ingenico released yesterday evening its 2018 results. They contained no surprises after the profit warning issued at end-January, as revenue had previously been reported (up 2% organically) and EBITDA came in close to the estimate provided (down 11% on pro-forma basis to € 488m vs guidance at € 485m). The Banks & Acquirers division, which houses the bulk of payment terminals (revenue down 4% organically and EBITDA down 25% on a pro-for...

Emmanuel Matot

Ingenico : Publication sans surprise après le profit warning de fin janvier

>Confirmation d’une fin d’année 2018 compliquée - Ingenico a publié hier soir ses résultats 2018. Ils ressortent sans surprise par rapport au profit warning émis fin janvier, le CA ayant déjà été communiqué (+2% en organique) et l’EBITDA étant proche de l’estimation fournie (-11% en proforma à 488 M€ vs guidance = 485 M€). Rappelons que les difficultés du groupe proviennent de la division Banques & Acquéreurs qui regroupe l’essentiel des terminaux de paiement (CA...

Richard-Maxime Beaudoux

INGENICO GROUP: New PW on 2018 - we still see ING as a “special situation” stock | BUY | EUR64 vs. EUR67

INGENICO GROUP - BUY | EUR64 vs. EUR67 (+23%) New PW on 2018 - we still see ING as a “special situation” stock A new PW on 2018 because of the B&A division & a plan for 2019 A Gemalto-like story

1 director bought

A director at Ingenico Group bought 1,600 shares at 60.288EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Alexandre Iatrides ...
  • Alfred Glaser
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Jeremy Garnier
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould
  • Valentin Pernet

ODDO BHF Small & MIDCAP MORNING NEWS - 02/13/2019

...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/13/2019

We are initiating coverage on HOCHTIEF on Neutral, with a target price of € 152. We are attracted by the combination of yield and growth as well as by management’s track record, but we believe that other companies within our coverage (Eiffage, VINCI) today offer equally attractive and more sustainable levels of FCF yield and return. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jeremy Garnier
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 13/02/2019

...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/02/2019

Nous initions HOCHTIEF à Neutre, avec un objectif de cours de 152 €. Nous sommes séduits par la combinaison rendement-croissance ainsi que par le track record du management mais nous estimons que d’autres valeurs au sein de notre univers de couverture (Eiffage, VINCI) offrent aujourd’hui des niveaux de FCF yield et de rendement aussi intéressants et plus pérennes. Cf étude publiée hier soir. - ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/23/2019

...

INGENICO GROUP sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of INGENICO GROUP (FR), a company active in the Computer Hardware industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 15, 2019, the closing price was EUR 54.92 and its potential was estimated at EUR 62.36.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Tony Lebon

Ingenico : A much-touted takeover offer

According to a Bloomberg article published yesterday evening, Natixis Payment Solutions (not rated), the payments division of Natixis (A1/A pos.), is mulling a possible takeover of Ingenico. Other sources this morning cited expressions of interest for Ingenico by French group Edenred (rated BBB+). Natixis confirmed its interest in Ingenico's payments business in a press release published this morning. Ingenico then, in turn, issued a statement indicating that it received prelimin...

Tony Lebon

Ingenico : L’OPA, cette arlésienne

D’après un article de Bloomberg hier soir, Natixis Payment Solutions (non noté), l’activité de paiement de Natixis (A1/A pos), étudierait un rachat potentiel d’Ingenico. D’autres sources évoquaient ce matin un intérêt du groupe français Edenred (BBB+) pour Ingenico. Natixis a confirmé son intérêt pour les activités de paiement d’Ingenico en publiant ce matin un communiqué. Ingenico a ensuite, à son tour, publié un communiqué indiquant « avoir fait l’objet d’approches préliminaire...

Tony Lebon

Ingenico : Arbitrage on the curve

We maintain our Stable credit rating on the company: recent disappointments on the outlook are absolutely unlikely to change the overall picture from a credit point of view: despite weaker growth, EBITDA margin should remain close to 20%. Also, we view positively the priority given by management to deleveraging (vs. massive acquisitions) and the financial structure target that it has set itself. - Regarding straight bonds, we propose a switch: Buy on the 2024 vs. Reduce on the 2021...

Tony Lebon

Ingenico : Quelques arbitrages sur la courbe

Nous maintenons notre avis crédit Stable sur la société : la déception récente sur les perspectives n’est absolument pas de nature à changer la photographie globale d’un point de vue crédit : malgré une croissance moins forte, la marge sur Ebitda devrait rester proche de 20%. Nous apprécions par ailleurs la priorité accordée par le management au désendettement (par rapport aux acquisitions structurantes) et l’objectif de structure financière cible qu’il s’est donné. - Sur les oblig...

Ingenico - Assemblée générale des actionnaires du 11 juin 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Ingenico – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jérôme VINERIER

Analyse court terme - INGENICO : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 62,90 €. La tendance baissière serait remise en cause au-dessus de 72,17 €.

Jérôme VINERIER

Short term view - INGENICO : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €62.90. The bearish trend would be challenged above €72.17.

Jérôme VINERIER

Analyse court terme - INGENICO : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 62,90 €. La tendance de fond serait remise en cause en cas de franchissement de 72,17 €.

Jérôme VINERIER

Short term view - INGENICO : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €62.90. The background trend would be questioned should prices rise above €72.17.

Valérie GASTALDY

Medium term view - INGENICO : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €55.89, then €47.96. Passing €80.60 would question the continuation of the fall.

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