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.
|20Apr17 17:01||GNW||INGENICO GROUP: Laurent Marie joins the Group as Vice President Investor Relations and Financial Communication|
|12Apr17 17:00||GNW||INGENICO GROUP: INVITATION TO OUR FIRST QUARTER REVENUE CONFERENCE CALL|
|05Apr17 07:01||GNW||Ingenico ePayments Brings Gamification to Payments|
|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|
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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%).
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%.
Recovery not reflected in the share price
25 Apr 17
Prelims for the year to January 2017 are in-line but more importantly they confirm the restructuring process is now complete, prove the commerciality of its cloud based platform and demonstrate a move towards higher margin services. PBT was £1.2m (against a loss last year), adjusted EBITDA grew 56% to £2m and cash from operations turned positive at £0.9m allowing a net cash position to be maintained. For this year, we expect PBT growth of 77% to £2.2m (previously £2.5m), implying a current PE rating of 15x. We reiterate our buy recommendation with a 2.2p price target as the turn around generated by Redstone has yet to be reflected in the share price.
N+1 Singer - Servelec Group - Calling the bottom
20 Apr 17
We are increasingly confident that Servelec’s travails are behind it and the business is returning to growth. Recent share price weakness looks unwarranted in this context and the valuation now looks compelling. Our forecasts are essentially unchanged, but we see medium term upside as the group’s markets improve. Servelec remains a key idea for 2017 and we reiterate our Buy recommendation and 325p Target Price.
Panmure Morning Note 25-04-2017
25 Apr 17
Blancco Technology, a leading provider of data erasure solutions and mobile device diagnostics, has issued a mixed Q3 trading update. On the positive side, revenue progression has been extremely strong, with a material acceleration in sales growth during the quarter: +48% CFX basis during 3Q17 vs +28% during 1H17. However, cash flow is weaker than expected and management has guided that year end net debt is expected to be £5.5m (previously we were looking for net debt of £3.6m). Due to the timing of cash flows management has identified the need for additional short term funding of £4m over the coming weeks.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
N+1 Singer - Morning Song 24-04-2017
24 Apr 17
First Derivatives (FDP LN) FY slightly ahead as strong trading momentum continues | Goals Soccer Centres (GOAL LN) A potentially exciting corporate development | mporium Group (MPM LN) 2016 results: course set for exciting 2017 | Vectura Group (VEC LN) VR315 risk outweighs longer-term potential