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 Group: 1 director sold

A director at Ingenico Group sold 5,254 shares at 125.159EUR and the significance rating of the trade was 89/100. 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...

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...

Matthieu Lavillunière ...
  • Maxime Dubreil
  • Thibault Morel

INVEST SECURITIES - Ingenico : Porte de sortie attractive au vu des incertitudes - NEUTRE, OC 120€ vs 80€)

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...

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...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Payment services in 2020: further growth and M&A, initiation of coverage on Nexi at Buy, Edenred upgraded to Buy (vs Neutral)

>Underperformance in Q3 2019, but a marked catch-up in Q4 2019 - Since our sector note of 11 June 2019, the payment segment has, for the first time in a while, underperformed the technology sector. Over the period, our ODDO BHF Payments index posted gains of “only” 19% vs 22% for the Nasdaq. Looking beyond factors specific to the sector (Wirecard under attack, cool reception for Adyen’s H1 earnings), other tech segments such as semiconductors (which has seen the first...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Paiement 2020 : poursuite de la croissance et du M&A, initiation de Nexi à Achat, relèvement d’Edenred à Achat (vs Neutre)

>Sous-performance au T3 2019, mais fort rattrapage au T4 2019 - Depuis notre note sectorielle du 11 juin 2019, le secteur du paiement a, pour la 1ère fois depuis longtemps, sous-performé le secteur de la Tech. Sur la période, notre indice ODDO BHF Payments a progressé de ‘seulement’ 19% vs 22% pour le Nasdaq. Au-delà de facteurs spécifiques au secteur (Wirecard très attaqué par le FT, résultats S1 2019 d’Adyen fraichement accueillis), d’autres segments de la Tech comm...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Payment services in 2020: further growth and M&A, initiation of coverage on Nexi at Buy, Edenred upgraded to Buy (vs Neutral)

>Underperformance in Q3 2019, but a marked catch-up in Q4 2019 - Since our sector note of 11 June 2019, the payment segment has, for the first time in a while, underperformed the technology sector. Over the period, our ODDO BHF Payments index posted gains of “only” 19% vs 22% for the Nasdaq. Looking beyond factors specific to the sector (Wirecard under attack, cool reception for Adyen’s H1 earnings), other tech segments such as semiconductors (which has seen the first...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Paiement 2020 : poursuite de la croissance et du M&A, initiation de Nexi à Achat, relèvement d’Edenred à Achat (vs Neutre)

>Sous-performance au T3 2019, mais fort rattrapage au T4 2019 - Depuis notre note sectorielle du 11 juin 2019, le secteur du paiement a, pour la 1ère fois depuis longtemps, sous-performé le secteur de la Tech. Sur la période, notre indice ODDO BHF Payments a progressé de ‘seulement’ 19% vs 22% pour le Nasdaq. Au-delà de facteurs spécifiques au secteur (Wirecard très attaqué par le FT, résultats S1 2019 d’Adyen fraichement accueillis), d’autres segments de la Tech comm...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Paiement 2020 : poursuite de la croissance et du M&A, initiation de Nexi à Achat, relèvement d’Edenred à Achat (vs Neutre)

>Sous-performance au T3 2019, mais fort rattrapage au T4 2019 - Depuis notre note sectorielle du 11 juin 2019, le secteur du paiement a, pour la 1ère fois depuis longtemps, sous-performé le secteur de la Tech. Sur la période, notre indice ODDO BHF Payments a progressé de ‘seulement’ 19% vs 22% pour le Nasdaq. Au-delà de facteurs spécifiques au secteur (Wirecard très attaqué par le FT, résultats S1 2019 d’Adyen fraichement accueillis), d’autres segments de la Tech comm...

Ingenico Group: 1 director sold

A director at Ingenico Group sold 5,254 shares at 125.159EUR and the significance rating of the trade was 89/100. 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...

Matthieu Lavillunière ...
  • Maxime Dubreil
  • Thibault Morel

INVEST SECURITIES - Ingenico : Porte de sortie attractive au vu des incertitudes - NEUTRE, OC 120€ vs 80€)

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Danjou
  • Jean Sassus
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/29/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Danjou
  • Jean Sassus
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/01/2020

...

Alfred Glaser ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/28/2020

We have upgraded our recommendation for Edenred to Buy and our target price to € 60.0. The group, now part of the payment services universe, should continue to deliver solid growth in underpenetrated niche markets, with considerable scope to improve its profitability whilst at the same time maintaining significant FCF generation. The current valuation nonetheless remains discounted vs the payment services sector. - ...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Jeremy Garnier
  • Nicolas David
  • Nicolas Thorez
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 01/28/2020

Nexi is a dominant force in the Italian electronic payments market. It should see steady growth on a market where penetration levels are unusually low (85% of transactions are still in cash) and which is very well equipped in POS terminals. The government is also taking a range of measures to reduce the use of cash. Potential positive surprises (not factored into our forecasts) are therefore possible as the penetration of electronic payments gathers pace. The group should continue to ...

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 : # 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...

Tony Lebon

Ingenico : Update on the credit and focus on the governance

We reiterate our Stable credit opinion on the company. We view positively the quality of its new governance structure, the initial results from its recovery plan and the priority given by management to deleveraging. However, we still have in the back of our mind the rumours of takeover bid by private equity funds that appeared during the summer 2018 and which represent a latent risk for creditors (since such a transaction would take the form of a LBO in our opinion). - It should b...

Tony Lebon

Ingenico : Update sur le crédit et focus sur la gouvernance

Nous maintenons notre avis crédit Stable sur la société. Nous apprécions la qualité de la nouvelle structure de gouvernance, les premiers résultats du plan de redressement et la priorité accordée par le management au désendettement. Toutefois, nous avons toujours en tête les rumeurs de rachat par des fonds de private equity qui étaient apparues durant l’été 2018 et qui représentent un risque latent pour les créanciers (car l’opération prendrait la forme d’un LBO selon nous). - Rap...

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...

David Vignon ...
  • Olivier Pauchaut

Payments & Security: Worldline to acquire Ingenico

Payments & Security Worldline to acquire Ingenico Deal in shares and cash Synergies at EBITDA level of EUR220m by 2024 Very positive for Worldline

MarketLine Department

Worldpay Group Ltd - Strategy, SWOT and Corporate Finance Report

Summary Worldpay Group Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Worldpay Group Ltd (WorldPay), formerly Worldpay Group PLC, is a global payment processing company that offers digital payments, alternative payments and value-added services. Digital payment solutions include point-of-sale and virtual terminals; and online, mobile and multi-channel payme...

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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