T3 compliqué à analyser - ACHAT, OC 128€
A priori très positive, cette publication est en fait plus contrastée. Du côté positif, l’activité Terminaux réalise une excellente performance au T3 et les guidances 2015, tant de CA que de marge d’EBITDA, sont relevées. Du côté négatif, l’activité e-Payment déçoit avec la perte d’un contrat majeur et le message est très prudent sur le T4, notamment au Brésil. Si ce dernier point reflète une nouvelle fois la prudence habituelle du management, nous ne relevons finalement que marginalement nos BNA 2015-17e qui étaient, il est vrai, dans la fourchette haute du consensus. Nous réitérons donc notre opinion à ACHAT et notre objectif de 128€ (+11%), mais sommes dubitatifs quant à la réaction du titre ce matin.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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