Report

Une rumeur plausible mais qui reste à confirmer - ACHAT, OC 128€

A priori peu probable compte tenu de la taille de la cible (8,9Mds€), un rachat de WorldPay n’est pas inenvisageable financièrement, bien qu’il devra intégrer une composante titres très importantes (6Mds€). L’opération a de surcroît un véritable intérêt stratégique, puisqu’elle permettrait à Ingenico d’accélérer son développement dans les services de paiement et serait génératrice d’importantes synergies de revenus, tant avec la division Terminaux de Paiement qu’avec GlobalCollect et Ogone. Ceci pourrait même permettre à l’opération d’être relutive en dépit de la composante titres importante. Dans l’attente de la confirmation de cette rumeur et d’informations plus précises, nous réitérons notre opinion à ACHAT et notre objectif de 128€ (+15%).
Underlying
Ingenico Group SA

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..

Provider
Invest Securities
Invest Securities

Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.

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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