Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INGENICO GROUP. We currently have 8 research reports from 1 professional analysts.
|02Dec16 09:43||GNW||Ingenico ePayments Reports Record Breaking Online Sales during Black Friday Weekend|
|29Nov16 07:00||GNW||Ingenico to introduce its BI solution for small and medium-size merchants at Trustech|
|28Nov16 07:00||GNW||Ingenico, Oberthur Technologies and Vodafone join forces to revolutionize payment terminal connectivity with Ingenico Connectivity/Manager|
|23Nov16 06:00||GNW||Ingenico Group to introduce its first Android-based POS at Trustech|
|18Nov16 07:00||GNW||INGENICO : Ingenico Group first to obtain PCI-PTS v5 certification for latest retail POS|
|27Oct16 06:30||GNW||Ingenico Group offers innovative consumer experience at Farmacias Guadalajara stores in Mexico|
|26Oct16 04:41||GNW||INGENICO GROUP: Double digit growth at the end of September - 2016 Objectives confirmed|
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Research reports on
US in limbo, eyes already staring at 2017
27 Oct 16
Ingenico released its Q3 trading update. Revenues came in at €570m, corresponding to 7% growth at constant exchange rates (+4% reported). Terminals decreased by 1% yoy at €384m, while Payment services came in at €186m (+16%). The strongest growth region was Europe & Africa (+17%, €224m), followed by ePayments (+20%, €126m) and APAC (+7%, €114m), while Latin America and North America displayed a substantial drop: -20% and €44m for the former, -32% and €62m for the latter. The guidance for FY2016 remains unchanged: revenue growth should be at least 7% on a comparable basis, and the EBITDA margin at least 20%.
2016 guidance downgraded, probable return to growth by late 2017
06 Sep 16
Ingenico announced a downgrade of its guidance for the FY 2016. Organic revenue growth is now expected at not less than 7%, compared to 10% previously. Similarly, the EBITDA margin objective is downgraded to not less than 20%, compared to 21% previously.
Brazil and forex impact the short-term perspectives, longer term remains positive
27 Jul 16
Ingenico released its results for H1 16, which are more or less guidance and consensus. Revenues came in at €1,133m, corresponding to 7% reported growth and 12% at constant exchange rates. Payment terminals reached €788m (+9% yoy), and payment services €345m (+4%). The gross margin reached 43.2%, down 160bp yoy, and the EBITDA margin reached 21.5%, a 200bp decrease compared to H1 15. FCF reached €64m, up 8.5% compared to H1 15. Guidance has been maintained for FY 2015: the top-line growth is now expected to be at least 10% on a comparable basis, while the EBITDA margin is now expected to be around 21%.
Strong performance in the wake of a surprising European market
27 Apr 16
Ingenico released its Q1 results which, as usual for odd quarters, consisted of sales figures with no profitability indicators. Revenues came in at €552m, corresponding to 15% growth at constant exchange rates (+11% reported). Terminals grew by 21% yoy, while Payment services came in at €164m (+3%), a proportion of total revenues which as stable vs. the previous quarters. The strongest growth region was APAC (+36%), followed by North America (+17%) and Europe (+17%), while the e-Payments business line was down by 1%. The guidance for FY2016 was slightly upgraded: revenue growth should now be at least 10% on a comparable basis, as opposed to c.10%. The EBITDA margin objective remains unchanged at c.21%.
2020 objectives above expectations, solid potential business developments
23 Mar 16
Ingenico held its investors day on 23 March, at which it unveiled its 2020 objectives. Revenues are expected to reach €4bn, which would correspond to a yearly growth of 12.7%. Terminals are expected to grow by high single-digit, while Payment Services are expected to grow by mid-teens; as a consequence, the current business split of 70/30% in favour of Terminals would shift to 60/40%. Of this €4bn, €500m correspond to acquisitions, leading to an actual annual organic growth rate of 9.75%. Two to three acquisitions are targeted for the moment, of small size, with the first one expected by no later than early 2017. These acquisitions won’t be in the acquiring space, as the company prefers building an in-house competence in this field. The EBITDA margin is expected to be in the 22-23% range, that is to say a level comparable with today. It has been confirmed that the investments will peak in 2016 before coming back to normal. Capex will remain limited to 3-4% of revenues, while the payout ratio will stay at 35%.
A "disappointing" 2016 guidance all but a surprise
19 Feb 16
Ingenico has released its results for FY 2015, which are in line with consensus. Lfl sales are up 14% and 36.7% on a reported basis, at €2,197m, vs. €1,607m in 2014. This growth mostly originated from Payment Terminals (€1,532m, +21.7%), while Transaction Services grew by 9% on a lfl basis at €665m (of which +7% for e-Payments), and benefited from the excellent commercial performance in North America (+44%, of which +81% for the USA) and APAC (+19%). The gross margin reached 44.2%, down 150bp yoy due to the decrease in Transaction Services (36.8% vs. 41.4%). The EBITDA margin has reached 23.1%, while the FCF has reached €285m vs. €255m in the previous year, for an attributable net profit of €230m. For 2016, as in the previous year, the company expects 10% organic growth in its revenues with an EBITDA margin objective set at 21%, also similar to the one given at the beginning of last year. The dividend has also been raised by 30% to €1.3.
Taking a prudent road
28 Nov 16
As flagged in September, H1 2017 profit is indeed below LY; adj. PBT of £0.5m compares with £1.5m in H1 2016 as Trakm8 invests heavily in new technology and acquisition integration. Management remains confident in another very strong H2 performance and in particular is focused on closing a couple of large high-margin software-related sales which would see the group meeting the original FY 2017 expectations of £5.9m adj. PBT. However, should these fall outside the March year-end, profits are only likely to be in line with last year’s £3.9m, albeit on a growing revenue base. Prudence dictates we assume a worst-case scenario in our forecasts so that surprise is only in the upside – if the deals close in the year, the company will meet those original revenue and profit expectations.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Deal beefs up media & broadcast operations
28 Nov 16
SCISYS is acquiring Germany-based ANNOVA Systems for an estimated deal value of £15.3m. ANNOVA is a leading supplier of software-based editorial solutions to the media sector. It has a track record of generating strong revenue growth and in 2015 won a landmark contract with the BBC, which underpins financial forecasts for 12 years. ANNOVA complements SCISYS’s dira! product offering for radio broadcasters, extends the group’s capabilities into television and creates cross-selling opportunities. The deal significantly boosts earnings, aided by cheap debt financing costs, and is value enhancing on our assumptions. Consequently, we believe the stock continues to look attractive on c 10x our FY17e earnings.
N+1 Singer - Eckoh - In line interims, US secure payments gathers pace
29 Nov 16
Eckoh delivered interims in-line with expectations. UK growth was 11% whilst the US, reflecting a full period for PSS now accounts for 30% of sales. US Secure Payments wins gathered pace, with much larger contracts being won on SaaS-style pricing models and the pipeline at record levels. With contracts won in the first half feeding through strongly into the second half and given the group’s high level of recurring revenues (76%), the outlook remains positive for the rest of the year and we make no changes to forecasts. Eckoh has exceptional growth opportunities, particularly in the US, and we believe it can convert this to strong shareholder value.