Ingenico : Arbitrage on the curve
We maintain our Stable credit rating on the company: recent disappointments on the outlook are absolutely unlikely to change the overall picture from a credit point of view: despite weaker growth, EBITDA margin should remain close to 20%. Also, we view positively the priority given by management to deleveraging (vs. massive acquisitions) and the financial structure target that it has set itself. - Regarding straight bonds, we propose a switch: Buy on the 2024 vs. Reduce on the 2021...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..
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.