Roshan Padamadan, Fund Manager, Luminance Global Fund, will present their investment thesis on Ingenico at European Investing Summit 2016, to be held online on October 4-5. Here’s a snapshot of the investment thesis:
INGENICO (France: FP) is one of two companies that dominate the credit card terminals business (the other is Verifone). A ~20x P/E is relatively cheap given the growth runway and the current low levels of the equity risk premium in the market. Arguably, it should trade closer to market multiples of ~25x P/E for a high-quality business. Even without a re-rating, an ROIC of ~9.5% keeps the compounding engine going.
Want to experience the in-depth presentation and ask the instructor questions about the company? Secure your seat.
Roshan Padamadan is Fund Manager of Luminance Global Fund, which has a global unconstrained investment strategy, looking at special situations and deep value. Prior to launching Luminance in 2013, Roshan spent more than seven years with the HSBC Group, including more than three years with HSBC Asset Management, as a Product Specialist. He worked for the highly commended Offshore Indian Equity team which ran US$5+ billion from Singapore, including a US$100+ million award-winning India hedge fund. Roshan has earned an MBA in Management from Indian Institute of Management, Ahmedabad. He holds the CFA, FRM and CAIA charters and speaks over five languages.