Initiatives & Développements, Corporate research (BRYAN, GARNIER & CO)

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Communiqué

We initiate coverage of Initiatives & Développements (I&D) with a €15.90 target price, or 3x upside potential. Initiatives & Développements is a turnkey loyalty solutions provider with operations in France and Europe.

The only turnkey loyalty solutions provider in Europe: I&D offers complete turnkey loyalty solutions to its clients, from analysis of target beneficiaries (customers, employees etc.) to loyalty programme benefits. The company makes money at all stages of the brand loyalty cycle. Operating a proprietary procurement centre and offering more than 50,000 contents and services set it apart from the competition.

Ideally positioned to take advantage of a growing market: Offering an all-round solution, I&D appears well set to gain from the expanding European loyalty solutions market. The only company with a turnkey solution, I&D is one of the most prominent players in the regional market. The company’s expansion outside France seems timely, considering the anticipated growth and ongoing consolidation in the European loyalty solutions market.

Record revenue growth; improving margins: Recent acquisitions and organic factors facilitated triple-digit annual revenue growth. I&D is actively expanding its margins. A cost-cutting programme, tight integration of acquisitions, growth in high-margin subscription revenues and economies of scale are expected to improve the net margin significantly in the short-to-medium term.

Valuation: Through the discounted cash flow analysis, we derived an intrinsic valuation of €15.90 per share. I&D’s current valuation does not reflect the company’s strong growth potential.

For more information, please visit http://www.i-d.fr/annexes/communique/fichiers/ID_Initiation_230609.pdf


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