Ingenico: solid 2019 results, Worldline offer adjusted
(CercleFinance.com) - Announced on Tuesday evening, Ingenico's 2019 sales came in at 3.
37 billion euros, up 11%.
Meanwhile, its adjusted gross profit reached 1.24 billion euros, meaning a margin of 36.8%, up 6% from 2018. EBITDA reached 606 million euros, vs. 488 million euros in 2018, meaning an EBITDA margin of 18%, down 0.4 point.
Net attributable income reached 208 million euros, against 188 million euros in 2018. At its AGM on 26 May the group will offer a cash dividend of 1.20 euro per share.
Subject to its approval, Worldline's offer on Ingenico's shares will be adjusted as a result.
Pro forma of the payment of the proposed dividend, the primary offer would therefore concern 11 Worldline shares and 152.1 euros in cash for seven Ingenico shares, representing an offer price of 121.90 euros per share at 31 January.
Ingenico shareholders will be able to choose between one and/or the other of the subsidiary branches, i.e. a secondary exchange offer, of 109 Worldline shares in exchange for 57 Ingenico shares, and a secondary purchase offer of 121.90 euros per Ingenico share.
Regarding its outlook, Ingenico targets organic sales growth of between 4% and 6% in 2020, with EBITDA of over 650 million euros.
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