Mutation accélérée vers les services de paiement - ACHAT, OC 110€ (vs 105€)
La société est en train de se réinventer, en accélérant dans les services de paiement au moment où l'activité historique des Terminaux voit sa maturation accélérée et son potentiel de croissance MT/LT dégradé. L'acquisition de Bambora tombe à pic pour accélérer la mutation du groupe vers les services de paiement (40% du CA pf) et permettre à Ingenico de retrouver une dynamique de croissance des résultats >+10% (TMVA des BNA 2016-20e de +15%). Nous réitérons notre opinion à ACHAT avec un objectif porté de 105€ à 110€ pour un titre dont la revalorisation devrait se poursuivre à mesure que la société rassure sur sa capacité à atteindre ses objectifs. Titre de la Sélection IS.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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Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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