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
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.

Matthieu Lavillunière ...
  • Maxime Dubreil
  • Thibault Morel

INVEST SECURITIES - WORLDLINE : Une opération Ingenico désormais bien valorisée - NEUTRE vs ACHAT, OC 74€ (vs 70€)

David Vignon

Market trends in favour of online players for longer

In this update, we discuss: 1/ the coronavirus impact on the cash-to-digital transition, notably as contactless payment limits have been increased, 2/ the penetration of online payments, 3/ the impact these trends have had on valuation levels in Europe and the US, 4/ our adoption of a multi-dimensional beta methodology, and its impact on our fair values. The coronavirus outbreak is merely accelerating already visible trends in the payments market. However, we estimate the cash-to-digital transition was already expected, and its acceleration is not as crystal clear as it may seem. However, the ...

David Vignon

INGENICO GROUP: Strong resilience in Q1, but the new full year guidance is well below consensus | NEUTRAL | EUR90 vs. EUR96 (-18%)

INGENICO GROUP - NEUTRAL | EUR90 vs. EUR96 (-18%) Strong resilience in Q1, but the new full year guidance is well below consensus Strong start in Q1 helped soften the blow Q2 organic growth expected at -20% New 2020 guidance well below consensus expectations Acquisition by Worldline still on track, Neutral reiterated

Matthieu Lavillunière ...
  • Maxime Dubreil
  • Thibault Morel

INVEST SECURITIES - INGENICO : Au pain sec et à l'eau avant le mariage - ACHAT, OC 131€

Emmanuel Matot ...
  • Stephane Houri

Ingenico : Vast cost-cutting plan to limit the impact of the COVID-19 crisis

>Satisfactory Q1 2020 sales vs expectations – Services and terminals still growing - Last night Ingenico reported Q1 organic sales growth of 4% to € 658m, quite satisfactory vs expectations (ODDO BHF/consensus estimates: € 647m and € 651m respectively). This reflected the beginning of a break in trend due to the expansion of the COVID-19 pandemic (as a reminder, 2019 saw +11%).For the retail division (which includes services), growth momentum remained satisfactor...

Tony Lebon

Ingenico : Update of our recommendations on Worldline, Ingenico and Nexi, along with some comments on the Wirecard situation

In this report, we updated our recommendations on the issuers we cover within the payment services industry: - Ingenico: Buy on 2024 straight bond which offers an attractive pick-up compared with the Worldline bond (convergence of spreads). The 2022 CB is also interesting with regards to the upside potential on the Worldline stock. We maintain our Neutral recommendation on the 2021 bond. We are confident that the merger with Worldline will be completed; - Worldline: Buy maintained on...

Tony Lebon

Ingenico : Update of our recommendations on Worldline, Ingenico and Nexi, along with some comments on the Wirecard situation

In this report, we updated our recommendations on the issuers we cover within the payment services industry: - Ingenico: Buy on 2024 straight bond which offers an attractive pick-up compared with the Worldline bond (convergence of spreads). The 2022 CB is also interesting with regards to the upside potential on the Worldline stock. We maintain our Neutral recommendation on the 2021 bond. We are confident that the merger with Worldline will be completed; - Worldline: Buy maintained on...

Tony Lebon

Ingenico : # Update of our recommendations following the announcement of Worldline's public offer on Ingenico

Worldline and Ingenico announced on Monday that their respective Boards of Directors have approved a combination agreement under which Worldline would launch a mixed (equity and cash) public offer for Ingenico shares and OCEANE bonds. At the current spot price of Worldline, the offer values Ingenico at EUR 8.2bn in equity and EUR 9.5bn in enterprise value. - Worldline expects a pro forma net debt/EBITDA ratio of approximately 2.5x at the end of 2020, which would be reduced to appro...

Tony Lebon

Ingenico : # Mise à jour de nos recommandations suite à l’annonce de l’offre publique de Worldline sur Ingenico

Worldline et Ingenico ont annoncé lundi que leurs Conseils d’Administration respectifs ont approuvé un accord de rapprochement selon lequel Worldline lancerait une offre publique mixte (equity et cash) sur les actions Ingenico et sur les OCEANEs. Au spot actuel de l’action Worldline, l’offre valorise Ingenico à 8,2 mds EUR en equity et 9,5 mds EUR en valeur d’entreprise. - Worldline s’attend à un ratio de dette nette/Ebitda pro forma d’environ 2,5x fin 2020, qui serait ramené à env...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 03/02/2020 - Ingenico

Ingenico (Achat vs Conserver) : Acquisition d'Ingenico par Worldline Zone Euro - Inflation :  Estimée à 1,4% en janvier 2020, contre 1,3% en décembre Ryanair (Conserver) : RN de €88m au T3-2019/20 (vs. une perte nette de -€66m un an avant) Atlantia (Achat vs Conserver) : L’affaiblissement du mouvement 5 étoiles est plutôt positif pour le groupe, discussions avec le gouvernement italien en vue TE Connectivity : Prévoit d’émettre à 5 ans Foncières - Berlin : Plafonnement des loyers approuvé In'li (Achat) : S&P rehausse la note d’un cran à A...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2020

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Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jeremy Garnier
  • Laurence Hofmann
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/16/2020

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Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/16/2020

The impact of the pandemic will be strong: support measures will not be enough to avert a sharp increase in risk. However, current valuations (P/BV = 0.36x) underestimate the sector's resilience. The undifferentiated correction is an opportunity to bet on a more selective return to normal: upgrade to BUY for KBC and Amundi, downgrade to reduce for UBS, CS and ISP. - Cf. report published last evening. - ...

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jeremy Garnier
  • Laurence Hofmann
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 16/04/2020

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INGENICO GROUP reduced its risk exposure resulting in an upgrade to Slightly Positive

INGENICO GROUP (FR), a company active in the Computer Hardware industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date July 7, 2020, the closing price was EUR 147.60 and its potential was estimated at EUR 161.37.

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...

Expert Corporate Governance Service (ECGS)

Ingenico – AGM 11 june 2020

On February 3, 2020, Worldline and Ingenico announced that their respective Boards of Directors have unanimously approved a business combination agreement pursuant to which Worldline would launch a tender offer for all Ingenico shares, consisting of a 81% share and 19% cash transaction. Governance  Due to the separation of the functions of Chairman of the Board and Chief Executive Officer and the independence of the two candidates, the re-elections of Board members, including the Chairman, will be approved (resolutions 4 to 6). Compensation   Although transparency and alignment with perfo...

Charles Pinel

Ingenico - Assemblée Générale des actionnaires du 11 Juin 2020

Le 3 février 2020, Worldline et Ingenico Group ont annoncé que leurs conseils d’administration respectifs ont approuvé à l’unanimité un accord de rapprochement selon lequel Worldline lancerait une offre publique sur toutes les actions Ingenico, rémunérée à 81 % en actions et 19 % en numéraire, sur la base du dernier cours, et sur les OCEANEs en circulation. Gouvernance En raison de la séparation des fonctions de Président du conseil et de Directeur général et de l'indépendance des deux candidates, les différents renouvellements de membres du conseil dont le Président seront soutenus (résolutio...

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...

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