Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INGENICO GROUP. We currently have 9 research reports from 2 professional analysts.
|30Dec16 02:01||RNS||Director/PDMR Shareholding|
|30Dec16 01:55||RNS||Director/PDMR Shareholding|
|13Dec16 07:00||GNW||Scalefast Selects Ingenico Group to Boost Global, Multi-channel Payment Processing Capabilities|
|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|
Frequency of research reports
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%.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - dotDigital Group - Trading update
17 Jan 17
dotDigital issued a trading update for the six months ended 31 December 2016, indicating revenue growth up 17% y-o-y to £15.0m with EBITDA in line with market expectations and on track for the full year. Cash has grown to £18.9m. Revenue was slightly light of expectations owing to a slower start in the US but Q2 already showed improvement with a strong pipeline building. Our EBITDA and EPS forecasts are unchanged but revenues trimmed by 4% for both years. There is much activity in broadening avenues of growth in terms of new connectors, partnerships and geographical footprint and we remain positive of its prospects. Interim results will be released on Feb 21.