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

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2019

We are initiating coverage of Merlin Properties and Colonial, Spain’s top two REITs, with a Buy recommendation. We expect the groups, each with its specific strategic direction, to continue their development in a positive economic climate. - - ...

Alain William ...
  • Alexandre Iatrides
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Hela Zarrouk
  • Jean-François Granjon
  • Martial Descoutures
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 10/23/2019

We are initiating coverage of Merlin Properties and Colonial, Spain’s top two REITs, with a Buy recommendation. We expect the groups, each with its specific strategic direction, to continue their development in a positive economic climate. - - ...

Alain William ...
  • Alexandre Iatrides
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Hela Zarrouk
  • Jean-François Granjon
  • Martial Descoutures
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 23/10/2019

...

Olivier Pauchaut

INGENICO GROUP - BUY | EUR101 vs. EUR86 (+10%)

INGENICO GROUP - BUY | EUR101 vs. EUR86 (+10%) Start looking ahead of 2021 Stronger-than-expected Q3 revenues, driven by B&A Same guidance… but more comfort… New EUR101 Fair Value, Buy maintained

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...

Olivier Pauchaut

INGENICO GROUP - BUY | EUR101 vs. EUR86 (+10%)

INGENICO GROUP - BUY | EUR101 vs. EUR86 (+10%) Start looking ahead of 2021 Stronger-than-expected Q3 revenues, driven by B&A Same guidance… but more comfort… New EUR101 Fair Value, Buy maintained

Emmanuel Matot ...
  • Stephane Houri

Ingenico : Q3 sales ahead of expectations, but 2019 guidance unchanged

>Q3 sales ahead of expectations – further buoyant organic growth despite a much less favourable comparison base - Ingenico yesterday evening reported its Q3 2019 sales. They came in at € 880m, higher than forecast (Oddo BHF/consensus = € 841m), displaying very brisk organic growth (+10% vs +14% in Q2 and +12% in Q1).Services activities continued their double-digit growth (+11% vs +11% in H1 - positive upward trend for all segments including the Payone joint-vent...

Emmanuel Matot ...
  • Stephane Houri

Ingenico : CA T3 au-dessus des attentes mais guidances 2019 inchangées

>CA T3 au-dessus des attentes – Poursuite d’une croissance organique soutenue malgré une base de comparaison beaucoup moins favorable - Ingenico a publié hier soir son CA T3. Il s’établit à 880 M€, un niveau supérieur aux attentes (ODDO/consensus = 841 M€) et traduisant une croissance organique toujours soutenue (+10% vs +14% au T2 et +12% au T1).Les activités de services poursuivent leur progression à 2 chiffres (+11% vs +11% au S1 – bonne orientation de tous le...

Emmanuel Matot ...
  • Stephane Houri

Ingenico : Solid H1 2019 results - slight increase in the 2019 EBITDA guidance – target price updated to € 80

>H1 results better than expected – Nice surprises for momentum in terminals and profitability in services - Ingenico reported its H1 results yesterday evening. They came in higher than expected, with organic growth in sales of 13% (consensus = +9% - slight acceleration in Q2 with +14% vs +12% in Q1), pro forma growth in EBITDA of 12% to € 254m (consensus = € 237m) and a five1efold increase in FCF generation to € 120m (consensus = € 63m).The positive surprise in te...

Emmanuel Matot ...
  • Stephane Houri

Ingenico : Solides résultats S1 2019 - Guidance EBITDA 2019 légèrement relevée – Objectif de cours actualisé à 80 €

>Résultats S1 supérieurs aux attentes – Bonnes surprises sur la dynamique des terminaux et la profitabilité des services - Ingenico a publié hier soir ses résultats S1. Ils ressortent supérieurs aux attentes avec notamment une croissance organique du CA de 13% (consensus = +9% - légère accélération au T2 avec +14% vs +12% au T1), une progression pro forma de l’EBITDA de 12% à 254 M€ (consensus = 237 M€) et une génération de FCF x5 à 120 M€ (consensus = 63 M€).La ...

1 director sold

A director at Ingenico Group sold 2,084 shares at 85.020EUR and the significance rating of the trade was 50/100. 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 board ...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2019

We are initiating coverage of Merlin Properties and Colonial, Spain’s top two REITs, with a Buy recommendation. We expect the groups, each with its specific strategic direction, to continue their development in a positive economic climate. - - ...

Alain William ...
  • Alexandre Iatrides
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Hela Zarrouk
  • Jean-François Granjon
  • Martial Descoutures
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 10/23/2019

We are initiating coverage of Merlin Properties and Colonial, Spain’s top two REITs, with a Buy recommendation. We expect the groups, each with its specific strategic direction, to continue their development in a positive economic climate. - - ...

Alain William ...
  • Alexandre Iatrides
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Hela Zarrouk
  • Jean-François Granjon
  • Martial Descoutures
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 23/10/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 07/24/2019 Date Performance since listing Date Performance since listing

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2019

...

For INGENICO GROUP, the environment deterioration entails a downgrade to Neutral

INGENICO GROUP (FR), a company active in the Computer Hardware industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date July 30, 2019, the closing price was EUR 85.52 and its expected value was estimated at EUR 77.25.

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...

Charles Pinel

Ingenico - Assemblée générale des actionnaires du 11 juin 2019

GOUVERNANCE Le 5 novembre 2018, le Président-Directeur général Philippe Lazare a été remplacé par Nicolas Huss à la direction générale et par Bernard Bourigeaud à la présidence du conseil. Les fonctions de Président et de Directeur général sont ainsi désormais séparées. Ce changement nous permet d'approuver la cooptation et la nomination de Nicolas Huss au Conseil d'administration (résolutions 7 et 8). Le fort taux d'indépendance du Conseil (67%) nous permet également de soutenir les cinq autres nominations et renouvellements d'administrateurs (résolution 9 à 13). REMUNERATION La rémunérat...

Expert Corporate Governance Service (ECGS)

Ingenico - AGM and EGM 11 June 2019

On 5 November 2018, Chairman and Chief Executive Officer Philippe Lazare was replaced by Nicolas Huss as Chief Executive Officer and Bernard Bourigeaud as Chairman of the Board. The functions of Chairman and Chief Executive Officer are now separated. This change leads to approval of the cooptation and appointment of Nicolas Huss to the Board of Directors (resolutions 7 and 8).  The Board's high level of independence (67%) also allows us to support the other five appointments and renewals of directors (resolutions 9 to 13).  REMUNERATION  The remuneration due to Philippe Lazare for 2018 wil...

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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