L’Amérique n’est plus l’eldorado, au moins pour 2016 - NEUTRE, OC 95€ vs 122€
Quelques jours après Verifone, Ingenico abaisse nettement ses guidances 2016, pour tenir compte d’un décalage de la migration EMV aux US et de l’environnement dégradé au Brésil. Ceci engendre des BNA 2016-18 révisés de -12,1%/-13,7%/-8,6% de notre part, le consensus devant s’ajuster dans des proportions similaires. Si nous partageons la vision du management quant aux perspectives MT du marché des terminaux (70% du CA) et sa capacité à atteindre ses objectifs 2020, le groupe devrait souffrir d’un momentum compliqué pour au moins 3 trimestres (effet de base). Nous réitérons donc notre opinion à NEUTRE, avec un objectif temporairement revu à 95€ vs 122€.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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