Bientôt une acquisition dans les Services de Paiement ? - ACHAT, OC 126€
Au-delà d’allonger la maturité de la dette et de profiter de conditions de financement extrêmement avantageuses (coupon de 0%, prix d’exercice de 172€), cette OCEANE est selon nous le prélude à une acquisition dans les prochains mois, Ingenico disposant désormais d’une trésorerie de plus de 1Md€ et d’un endettement tombé à 0,7x l’EBITDA 2015. Après Ogone et GlobalCollect en 2013-14, cette nouvelle croissance externe devrait accélérer la mutation vers un groupe de services de paiement (31% du CA 2015e) au business model plus récurrent et à l’impact relutif significatif (+15% par exemple pour GlobalCollect). Si nous ajustons nos BNA 2015-17 (-1,2%/-1,6%/-0,8%), nous maintenons notre objectif de 126€ et réitérons notre opinion à ACHAT sur un titre affichant une des plus fortes dynamiques de croissance des résultats en Europe.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..
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