AlphaValue Corporate Services Fundamental Analysis FR
Back to
AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Keyware

CR
Bloomberg   KEYW BB
Smart Cards-Security  /  Belgium  Web Site   |   Investors Relation
From hardware provider to fintech specialist
Target
Upside 104%
Price (€) 0.98
Market Cap (€M) 22.1
Worth Knowing

Players of the payment chain

Merchants: supply the goods and services in exchange of a payment, which can be cash or electronic, the latter requiring a payment terminal (or a gateway in the case of e-commerce). A merchant maximises its chances of concluding a transaction by accepting as many payment schemes as possible.

Payment acceptance processing providers: provide the merchants with the interface (POS terminals, online gateways) required to connect the card to the network and drive the transaction.

Acquirers: financial institutions which host the merchant accounts and give access to the desired card schemes (Visa, Mastercard…). They will also receive the funds (on which they will take a fee in exchange for the service provided) from the customers’ banks once the transaction is completed.

Acceptance-related service providers: provide additional services to the merchants, such as coupons, loyalty, additional functionalities to the terminal, electronic meal vouchers…

Acquiring & issuing processors: provide payment transaction services to the acquirers and issuers through front-end (delivering payment clearances/refusals) and back-end (delivering gathered transaction approvals for settlement) processing.

Card schemes: players such as Visa, Mastercard… which operate their own networks with specific transaction rules.

Clearing and settlement institutes: correspond generally to national financial institutions, provide clearing and settlement of transactions between acquirers and issuers.

Issuers: provide the payment cards (which can use different schemes) used by the customers.

Shareholders
Name% owned Of which
% voting rights
Of which
% free to float
Powergraph BVBA 45.8%45.8%0.00%
Big Friend/Stéphane Vandervelde 10.0%10.0%0.00%
Drupafina 7.79%7.79%0.00%
Argenta Asset Management SA 1.49%1.49%0.00%
Apparent free float  34.9%
Changes to Shareholding : 02/05/2019.
Concepts
Business concepts
Investment Concepts