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

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

...

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...

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

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2019

...

Richard-Maxime Beaudoux

INGENICO GROUP: Convincing mid-term strategic plan | BUY | EUR82 vs. EUR64 (+20%)

INGENICO GROUP - BUY | EUR82 vs. EUR64 (+20%) Convincing mid-term strategic plan Ingenico’s 2021 vision via “Fit for Growth” transformation plan A revived B&A division by 2021 An acceleration in Retail division by 2021 We maintain our Buy rating and upgrade our FV to EUR82

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.

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

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...

Richard-Maxime Beaudoux

INGENICO GROUP: Convincing mid-term strategic plan | BUY | EUR82 vs. EUR64 (+20%)

INGENICO GROUP - BUY | EUR82 vs. EUR64 (+20%) Convincing mid-term strategic plan Ingenico’s 2021 vision via “Fit for Growth” transformation plan A revived B&A division by 2021 An acceleration in Retail division by 2021 We maintain our Buy rating and upgrade our FV to EUR82

Matthieu Lavillunière ...
  • Maxime Dubreil

INVEST SECURITIES - INGENICO : Faux départ au T1, objectifs 2019 réitérés - VENTE, OC 59€ (vs 57€)

Emmanuel Matot

Ingenico : Feedback investor day : un plan 2021 rassurant - maintien de nos dernières prévisions

>Un plan 2021 rassurant – Focus sur le développement des services et la stabilisation des terminaux - L’équipe dirigeante d’Ingenico, sous la responsabilité du CEO Nicolas Huss (ex-COO jusqu’en novembre dernier), a présenté hier matin à Paris sa feuille de route à horizon 3 ans. L’objectif financier principal est d’atteindre un EBITDA de 700 M€ en 2021 (le même objectif avait été fixé par l’ancien CEO mais pour 2020 et avant plusieurs profit warnings en 2018), un niv...

Emmanuel Matot

Ingenico : A pleasant surprise in Q1 thanks mainly to Brazil, forecasts and target price raised ahead of CMD

>Q1 revenue well above expectations, a pleasant surprise from payment terminals in Brazil - Ingenico reported yesterday evening its Q1 revenue. It stood at € 753m, well ahead of expectations (Oddo BHF-consensus = € 731-707m) and reflecting buoyant organic growth (+12% vs Oddo BHF-consensus = +8-6%) based on a favourable comparison base (Q1 2018 revenue = -5%).This positive surprise comes mainly from banks & acquirers (which houses the bulk of payment terminals), ...

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...

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 – COMMENTAIRES DETAILLES 09/05/2019

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2019

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hana Maalej
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 24/04/2019

...

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.

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 : 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 – 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

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.

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.

Valérie GASTALDY

Analyse moyen terme - INGENICO : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 55,89 €, puis 47,96 €. Le franchissement de 80,60 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse court terme - INGENICO : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 64,70 € prochainement. Le prochain objectif est à 55,84 €, puis 47,90 €. Le franchissement de 72,17 € remettrait en cause la suite de la baisse.

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 €61.10. The background trend would be questioned should prices rise above €80.00.

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