AlphaValue Corporate Services Fundamental Analysis FR
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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


Bloomberg   KEYW BB
Smart Cards-Security  /  Belgium  Web Site   |   Investors Relation
The soft bet is paying off
Upside 112%
Price (€) 1.08
Market Cap (€M) 25.4
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.

Name% owned Of which
% voting rights
Of which
% free to float
Powergraph BVBA 47.6%47.6%0.00%
Big Friend/Stéphane Vandervelde 10.0%10.0%0.00%
Drupafina 10.0%10.0%0.00%
Apparent free float  32.4%
Changes to Shareholding : 10/05/2021.
Business concepts
Investment Concepts