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

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 ...

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

...

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...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Une hiérarchie de valeurs claire, dans un secteur où la croissance est là pour longtemps…

Dans cette note, nous revenons sur les raisons de la croissance rapide du secteur des paiements. En Bourse, il surperforme nettement le secteur de la technologie sur longue période et nous ne voyons aucune raison pour que cela s’arrête. Dans ce cadre, nous proposons une hiérarchie claire sur les valeurs européennes. Nous réitérons nos préférences (Achat) pour Worldline et Wirecard, maintenons notre opinion Neutre sur Ingenico et initions Adyen à Alléger. - >Un secteur che...

Emmanuel Matot ...
  • Stephane Houri

ODDO : A clear hierarchy of stocks, in a sector where growth is set to last

In this note, we review the reasons for the payment sector’s rapid growth. On the stock market, it has sharply outperformed the technology sector over the long run and we see no reason why this should not continue. Against this backdrop, we propose a clear hierarchy of European stocks. We reiterate our preference (Buy) for Worldline and Wirecard, maintain our Neutral recommendation on Ingenico and initiate Adyen at Reduce. - >The sector is pricey for good reasons and has ...

Emmanuel Matot

Ingenico : Feedback from road show: the group’s makeover starts to pay off

>Recap on new management team’s plan - We went on a road show with management (CEO, CFO and IR) in Frankfurt on Tuesday, a few weeks after the group released promising Q1 revenues (+12% organic growth vs ODDO BHF-consensus +8/6%) and organised an investor day to present its three-year roadmap (main target: EBITDA = € 700m in 2021 vs >€ 550m targeted in 2019).From the meetings we were able to attend, we would note in particular the group’s vast transformation, whi...

Emmanuel Matot

Ingenico : Feedback roadshow : une transformation qui commence à payer

>Retour sur le plan de la nouvelle équipe dirigeante - Nous étions en roadshow à Francfort mardi dernier avec les dirigeants (CEO, CFO et IR), quelques semaines après la publication d’un CA T1 prometteur (+12% en organique vs ODDO BHF/consensus = +8/6%) et l’organisation d’un investor day présentant la feuille de route à 3 ans (principal objectif : EBITDA = 700 M€ en 2021 vs >550 M€ visé en 2019).Des réunions auxquelles nous avons pu assister, nous retiendrons su...

Emmanuel Matot

Ingenico : Feedback from investor day: a reassuring 2021 plan - no change to our latest forecasts

>A reassuring 2021 plan – focus on development of services and stabilisation in terminals - Ingenico's management team, under CEO Nicolas Huss (former COO up to November), yesterday in Paris set out its three-year roadmap for the group. The main financial target is EBITDA of € 700m in 2021 (the same target had been set by the previous CEO but for 2020 and ahead of several profit warnings in 2018), which looks conservative relative to our latest forecasts (ODDO BHF = ...

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 ...

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

...

Alain William ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Hela Zarrouk
  • Jean-François Granjon
  • Khaled Ben Amor
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/09/2019

...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/09/2019

...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/05/2019

...

Alain William ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Hela Zarrouk
  • Jean-François Granjon
  • Khaled Ben Amor
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olivier Lebrun
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/05/2019

...

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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