Roshan Padamadan presented his in-depth investment thesis on Ingenico (France: ING) at European Investing Summit 2016.
Ingenico 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.
About the instructor:
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.
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