Besoin de plus de visibilité sur 2017 - NEUTRE, OC 95€ vs 94€
Si le CA T3 dépasse de 4% nos attentes et celles du consensus grâce notamment à la recovery plus forte qu’escompté de l’activité ePaiement (+22%), la visibilité reste limitée en 2017 pour 60% du CA, avec un marché chinois en ralentissement, un base de comparaison élevée sur l’Europe, le décalage de la migration EMV aux US et les difficultés au Brésil. Si cela ne remet pas en question la capacité d’Ingenico à atteindre ses objectifs 2020 et son potentiel de revalorisation MT, l’absence de visibilité à CT nous incite à conserver notre opinion NEUTRE, malgré un objectif de 94€ (+25%).
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