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.
|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|
|20Jan17 06:00||GNW||Booking.com Teams Up with Ingenico ePayments to Boost Global Payments Acceptance|
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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%.
N+1 Singer - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
27 Feb 17
accesso expects full year profitability to be ahead of expectations. We have upgraded our Adj. PBT by 7% to $14.7m. The performance was achieved despite accelerated investment in “product and infrastructure to support business and growth opportunities in geographies outside its traditional core markets”. We see clear blue sky opportunity in the Asia-Pacific Market. We increase our T/P from 1850p to 1900p and maintain our Outperform recommendation.
N+1 Singer - IDOX - Positive AGM statement
24 Feb 17
Idox issued a positive AGM statement, indicating a strong start to the year, building on the performance and organic and acquisitive growth of 2016. It recently secured significant contracts in healthcare and transport and is continuing to win across other segments. The order book and pipeline, combined with a stable outlook across all its markets, support our positive view on the stock. We make no changes to our estimates which were recently upgraded for FY’16 results and the accretive 6PM acquisition. We believe the current 11.2x cal’17 EV/EBITDA rating is undemanding given its scale, profitability and outlook.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.