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
Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2020

Discussions are underway to devise a methodology that factors in CO2 emissions avoided thanks to insulation products in a possible scope 4. Saint-Gobain harbours greater avoided emissions potential than its rivals, which we value at € 8 per share. In the shorter term, the group is likely to announce an exceptional dividend (Q3), appoint Benoit Bazin as CEO (H1 2021) and revive its underperforming asset divestment programme (2021). (See report published yesterday) - ...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/09/2020

Des discussions seraient en cours pour définir une méthodologie intégrant les émissions de CO2 évitées par les produits isolants dans un possible scope 4. Saint-Gobain dispose d’un potentiel supérieur à celui de ses concurrents. Nous l’évaluons à 8 € par action. A plus court terme, le groupe devrait annoncer un dividende exceptionnel (T3), nommer Benoit Bazin au poste de CEO (S1 2021) et relancer son programme de cessions d’actifs sous-performants (2021). (Cf étude publiée hier) - ...

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

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.

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 €.

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.

Emmanuel Matot ...
  • Stephane Houri
  • Tony Lebon

ODDO : Feedback de notre conférence de paiement de rentrée

>Un message assez ‘bullish’ - ODDO BHF a organisé une série de conférence calls consacrées au secteur du paiement. Etaient représentés Edenred (pour la partie crédit), Nexi, Ingenico et Worldline. Nous retenons globalement un message positif sur le rétablissement des volumes après la crise du COVID-19 et sur la poursuite du M&A. Nexi (Achat, OC 20 €) : retour à la croissance et toujours du M&A en vue - Nexi était représenté par Bernardo Mingrone (CFO)...

Emmanuel Matot ...
  • Stephane Houri
  • Tony Lebon

ODDO : Feedback from our back to school payment service conference

>A fairly bullish message - ODDO BHF has organised a series of conference calls dedicated to the payment sector. Edenred (for the credit research part), Nexi, Ingenico and Worldline were all represented. Overall, we retain a positive message on the upturn in volumes after the COVID-19 crisis and on the fact that M&A will continue apace. Nexi (Buy, target price of € 20): return to growth and M&A in prospect - Nexi was represented by Bernardo Mingrone (...

David Vignon

WORLDLINE: Strong positioning, big ambitions, and a track-record that plays in its favour | BUY | EUR87 vs. EUR78 (+12%)

WORLDLINE - BUY | EUR87 vs. EUR78 (+12%) Strong positioning, big ambitions, and a track-record that plays in its favour INGENICO | Neutral | FV EUR106 vs. EUR97 More visibility on 2020 landing Cash displacement offers a cushion for the lower volumes in the ST – but also increased market potential in the future Craving for more… on a global scale?! Multiple growth levers

Emmanuel Matot ...
  • Stephane Houri

Ingenico : Good management of the health crisis ahead of the takeover by Worldline

>EBITDA well above expectations in H1 - Excellent execution of cost reduction plans and favourable mix effects - Ingenico reported its H1 results yesterday evening. Above all we note that EBITDA was up +10% to € 278m, i.e. well above estimates (consensus = € 232m).This performance does not stem from sales, which dropped sharply, as expected (-8% organically vs consensus = -9% - Q2 = -18% after Q1 = +4% - drop in transaction volumes in retail and orders of termina...

Emmanuel Matot ...
  • Stephane Houri

Ingenico : Bonne gestion de la crise sanitaire en amont du rachat par Worldline

>EBITDA très supérieur aux attentes au S1 – Excellente exécution des plans de réduction de coûts et effets de mix favorables - Ingenico a publié hier soir ses résultats S1 20. Nous retiendrons surtout un EBITDA en progression de 10% à 278 M€, un niveau très supérieur aux attentes (consensus = 232 M€).Cette performance ne provient pas du CA qui ressort sans grande surprise en forte baisse (-8% en organique vs consensus = -9% - T2 = -18% après T1 = +4% - chute des ...

Tony Lebon

Ingenico : Feedback from conference calls with four issuers in the payment services industry

On September 2, we organized virtual group meetings with four issuers in the payment services sector: Edenred, Ingenico, Nexi and Worldline. - This document summarizes our feedback from the conference calls by issuer. - - - - - - - > - - - ...

Tony Lebon

Ingenico : Feedback des conférences téléphoniques organisées avec quatre émetteurs du secteur des services de paiement

Nous avons organisé le 2 septembre des group meetings virtuels avec quatre émetteurs du secteur des services de paiement : Edenred, Ingenico, Nexi et Worldline. - Ce document synthétise nos feed-back des conférences téléphoniques par émetteur. - - - - - - - - > - - - ...

Tony Lebon

Ingenico : Update of our recommendations

The draft offer document for Worldline's public offer for Ingenico was published at the beginning of this month and the final offer document on Tuesday, bringing more details on the future of the Ingenico OCEANE bond. Note also that the French financial markets watchdog (AMF) announced that the tender offer for Ingenico's shares and OCEANEs opened yesterday and that its closing date will be set after receipt of supporting evidence of the European Commission's merger control clear...

Tony Lebon

Ingenico : Update of our recommendations

The draft offer document for Worldline's public offer for Ingenico was published at the beginning of this month and the final offer document on Tuesday, bringing more details on the future of the Ingenico OCEANE bond. Note also that the French financial markets watchdog (AMF) announced that the tender offer for Ingenico's shares and OCEANEs opened yesterday and that its closing date will be set after receipt of supporting evidence of the European Commission's merger control clear...

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...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2020

Discussions are underway to devise a methodology that factors in CO2 emissions avoided thanks to insulation products in a possible scope 4. Saint-Gobain harbours greater avoided emissions potential than its rivals, which we value at € 8 per share. In the shorter term, the group is likely to announce an exceptional dividend (Q3), appoint Benoit Bazin as CEO (H1 2021) and revive its underperforming asset divestment programme (2021). (See report published yesterday) - ...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/09/2020

Des discussions seraient en cours pour définir une méthodologie intégrant les émissions de CO2 évitées par les produits isolants dans un possible scope 4. Saint-Gobain dispose d’un potentiel supérieur à celui de ses concurrents. Nous l’évaluons à 8 € par action. A plus court terme, le groupe devrait annoncer un dividende exceptionnel (T3), nommer Benoit Bazin au poste de CEO (S1 2021) et relancer son programme de cessions d’actifs sous-performants (2021). (Cf étude publiée hier) - ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2020

...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/07/2020

...

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 we...

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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