GlobalCollect : vers une nouvelle dimension - ACHAT, OC 84€
Ingenico présente un profil rare de croissance en Europe que l’acquisition de GlobalCollect est venue renforcer. Cette opération a également permis d’accélérer la transition d’un business model de fabriquant vers celui de fournisseur de services favorable à la récurrence et à la croissance des revenus. Malgré une valorisation exigeante, ses fondamentaux solides, combinés à un momentum positif (consensus inférieur de 7% à 12% à nos attentes), nous incitent à initier le titre à ACHAT avec un objectif par DCF de 84€ (+22%). La publication des résultats S1 2014 le 30 juillet devrait d’ailleurs participer à maintenir un momentum bien orienté.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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