Short-Term Progress Can't Offset Long-Term Headwinds at Verifone
Verifone finished its fiscal 2017 on a relatively strong note, with net revenue rising 2.6% from the fourth quarter of fiscal 2016. Excluding divested businesses--Verifone’s Chinese and taxi segments--management expects low-single-digit growth for fiscal 2018 on an adjusted basis. However, systems (hardware) revenue for the year was down 12.2%, supporting our thesis that the hardware-to-software transition in the payment industry will be an insurmountable headwind for Verifone. Our $15 fair valu...VeriFone Systems is a holding company. Through its subsidiaries, the company provides payments and commerce solutions at the point of sale (POS). The company is engaged in designing, manufacturing, marketing and supplying a range of payment solutions and complementary services. The company's system solutions consist of POS electronic payment devices that run its operating systems, security and encryption software, and certified payment software, and that are designed to suit its clients' needs in a range of environments, including multilane and countertop implementations, self-service and unattended environments, in-vehicle and portable deployments, mobile point-of-sale solutions, as well as iPOS solutions.
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