Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INGENICO GROUP. We currently have 10 research reports from 2 professional analysts.
|21Mar17 07:01||GNW||Air China and Ingenico ePayments Expand Payment Acceptance Options to Include Discover® Global Network|
|23Feb17 16:40||GNW||Ingenico Group adopts a customer-centric organization to support its global omnichannel acceptance leadership|
|23Feb17 16:40||GNW||INGENICO GROUP - 2016: Solid results in line with expectations|
|22Feb17 17:00||GNW||Ingenico Group finalizes the acquisition of TechProcess|
|21Feb17 07:00||GNW||Lagardère Travel Retail and Ingenico enable Alipay mobile acceptance at Paris-Charles de Gaulle duty-free shops|
|06Feb17 13:19||GNW||INGENICO GROUP: Q4 Revenue & FY Results 2016 Conference Call Invitation|
|30Jan17 16:46||GNW||INGENICO GROUP: Acquisition of TechProcess, leading Indian online and mobile payments provider|
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The glass half-full with a positive 2017 guidance, despite the 2020 downgrade
24 Feb 17
Ingenico has released its results for FY 2016, which were above consensus. Lfl sales were up 8% and 5.2% on a reported basis, at €2,312m. Payment Terminals came in at +7% on a comparable basis (+3.4% reported) at €1,584m, and Transaction Services at +10% lfl (9.3% reported) at €728m. By division, Europe & Africa displayed double-digit growth (€847m, +10.9%), while the biggest performer remained APAC (€529m, +21.1%). America and Latin America decreased respectively by 13.8% (€276m) and 24.9% (€172m). ePayments grew by double-digit (€489m, +9.2%). The adjusted gross margin reached 42.7%, down 150bp yoy due to the decrease at both Terminals and Transaction Services. The adjusted EBITDA margin came in at 20.6%, for an attributable net profit of €244m. A new business structure was announced, centred on two business units: Retails and Banks & Acquirers. It will be effective by the beginning of April 2017. For 2017, as in the previous year, the company expects 7% organic growth in its revenues with an EBITDA margin objective slightly increasing. The dividend has also been raised by 15% to €1.5. However, the 2020 objectives (€3.5bn of revenues excluding acquisitions, 20-23% adjusted EBITDA margin) are at risk, and the company now forecasts a high single-digit organic growth with an improvement in the EBITDA margin.
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%.
H1 results show steady operational progress
16 Mar 17
The Interims reflect the six months prior to the £16.4m funding received post period-end. However, they do update us on steady progress made in the various key areas at this stage of the venture; Fleet, Mining, and OEM Automotive, as well as the earlier-stage Rail and Aerospace. The strategy remains for Fleet and Mining (royalties from CAT) to grow and deliver cash profit to fund the long-term rollout of its technology in the OEM Automotive market. The recent funding filled a gap that would otherwise have required immediate external investment in a devolved Automotive operation. These results show that it was required as Fleet is still loss-making and since December, some big sales will not now be booked in this FY, leaving forecast revenue much lower; however, there is no need to slow automotive investment as the contribution will be made up by grants and factoring.
Photonics the star of the show
21 Mar 17
IQE’s diversification strategy delivered a 17% jump in adjusted profit before tax during FY16. Strong growth in photonics revenues was a key element of this improvement. This was boosted by a return to growth, albeit modest, in the wireless sector and weak sterling. We revise our FY17 estimates upwards to reflect the progress made on customer qualifications for photonics applications, and we introduce FY18 estimates.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
Foundations for growth
21 Mar 17
accesso have released strong FY2016 Results which are marginally ahead of our expectations, this also follows the recent trading update at which it upgraded profitability figures. This is an impressive performance considering that 2016 has been a year of investment, not to mention the challenging trading conditions experienced in key summer months. This places accesso well for continued expansion in a significant and expanding global market.
N+1 Singer - IQE - FY’16 results prompt further upgrades
21 Mar 17
IQE’s FY’16 results are c.4% ahead of our expectations, which were upgraded in December. Group revenue grew 16% to £132.7m (N+1Se: 130.8m), with adj. PBT rising 17% to £20.6m (N+1Se: £20.4m) and adj. EPS up 15% to 3.0p (N+1Se: 2.9p). The key Wireless and Photonics markets grew strongly (up 15% and 43% respectively), while licence income outperformed expectations at £6.7m (N+1Se: £5.0m). We expect the positive momentum to continue, prompting c.5-10% EPS upgrades, although we see scope for more material upgrades over the course of our forecast horizon. IQE is one of our key picks for the year. The shares have risen 45% YTD but with today’s results triggering upgrades and further positive newsflow expected, we believe there is more to go for. Buy.
16 Mar 17
4imprint (FOUR): 6% dividend yield for a growth stock? (BUY) | Cambridge Cognition* (COG): Amgen uses CANTAB technology in trial (CORP) | Seeing Machines* (SEE): H1 results show steady operational progress (CORP) | Allergy Therapeutics (AGY): Pollinex Quattro Birch Ph III EU trial starts (BUY) | Capital Drilling* (CAPD): FY results in line, with turnaround in exploration activity (CORP)