Payment service provider – not for bargain hunters

And last year, FIS, a U.S. banking IT specialist, acquired Worldpay for $ 35 billion. The high growth opportunities promise good returns for the market leaders (see p. 1). However, many stocks have become quite expensive for investors. We particularly like Ingenico among the European titles discussed here.

Unlike Wirecard, Adyen relies less on partners in international business and relies more on its own licenses. So drive the Amsterdam, which u. a. Process payment flows for Facebook and Uber, very good. Over the next three years, sales will grow by an average of 35% each, and EBITDA by as much as 38%. According to our calculations, the already high margin of 56% will increase to 60% by 2022. All of this has its price on the stock exchange: The Euronext share (EUR 994.60; NL0012969182) is close to an all-time high and is valued at a proud P / E ratio of 118. Shareholders should not currently speculate on a dividend yield: CEO Pieter van der Does invests in growth.

In Q1, sales climbed 34% to EUR 135.5 million. In order to keep the transparency high, the Dutch also exceptionally published figures for the operating profit for Q1, the increase of which was unusually meager with only 16% to EUR 63.6 million – Corona temporarily burdened the higher-margin sales in shops and travel providers and thereby the margin has now fallen below the 50% mark. In the first weeks of April, however, business returned to normal.

At Adyen we are waiting for cheaper entry-level courses!

Ingenico – Slow but steady

In France, the market is consolidated through the planned takeover of Ingenico by its domestic competitor Worldline. This has effects across borders: In Germany, for example, Ingenico operates the Payone payment system with the Sparkassenverband.

Overall, Ingenico is growing significantly more slowly but steadily. In future, we will calculate revenue with high single-digit growth and EBITDA with almost double-digit growth per year. The margin will thus increase from 18.0% in the past year to approx. Improve 21%. It even increases under the Worldline umbrella, because the future mother already has profit margins of almost 25%. This will give the Ingenico share (EUR 117.55; FR0000125346), which has a comparatively cheap P / E ratio of 25 and a small dividend yield of 0.9%, price potential.

Ingenico is added to the purchase list. Stop: 88.40 euros.

Wirecard has to regain trust

Wirecard’s Q1 figures are quite impressive in comparison. Sales increased by 24% to EUR 700.2 million, EBITDA even climbed by 26% to EUR 199.2 million – which results in a margin of 28.4%. Because Corona should only have a short-term impact, CEO Markus Braun confirmed the annual forecast: At best, EBITDA should be increased by over 40% to up to EUR 1.12 billion. But the numbers are not the problem of the DAX share (76.50 euros; DE0007472060), which is dirt cheap with a P / E ratio of 14. Rather, the people of Aschheim have to regain lost confidence in the market. To make matters worse, on Friday (May 15), BaFin toppled the short sale ban against the paper.

At Wirecard we are waiting for the time being!

PLATOW Börse is the competent advisor for your equity investment. The focus is on the German stock market, supplemented by the best investments from Western Europe and the USA.

This report is not an invitation to buy or sell securities. No liability is assumed for the correctness and completeness of the information or for financial loss.

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