Planet Payment
Planet Payment [LSE:AIM: PPT and PPTR; OTCQX: PLPM] enables processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. The Pay in Your Currency service is a component of Planet Payment’s suite of multi-currency processing solutions, which include a multi-currency pricing e-commerce service and a Dynamic Currency Conversion service. Planet Payment’s BuyVoice™, a mobile payment and commerce solution, allows merchants to accept payments and sell product to customers using any mobile or landline phone. With the iPAY™ gateway, Planet Payment also offers comprehensive Internet processing solutions for credit card and electronic check payments.
Daniel Stewart bullish on Planet Payment after TSYS certification news, retains 'buy'
Daniel Stewart & Company (DS&C) issued a note on Planet Payment (LSE: PPT and PPTR; OTC: PLPM) today, reiterating its 'buy' rating after the data and payment processor received certification from its core existing client TSYS (NYSE: TSS).
Planet Payment currently provides TSYS with its Multi-Currency Pricing (MCP) service and is now certified to offer its iPay payment gateway into the TSYS acquirer and ISO customer base, allowing merchants to utilize iPay.
The iPay Gateway supports the processing of debit, credit and ACH payments worldwide. The combined MCP/iPay product will combine merchants with an end to end full service and PCI-compliant e-commerce platform to enhance the group’s offerings and potential revenue streams, DS&C said in the report.
DS&C said that the development was of major strategic importance for the company and, even though the news has not resulted in any immediate changes to the forecasts, it underpinned the broker’s bullish stance on the stock. The report also noted that the shares traded at a 26% discount to DS&C’s 151 pence price target.
Planet Payment’s value has increased to around 120p since DS&C started covering the stock in May 2009 when it stood at 40p, and it retains its 'buy' recommendation.
The broker’s current projections for full year 2010 revenue at US$68.7 compared to reported US$47.1 million for 2009. In February, DS&C said that the agreement with UAE-based Network International to provide it with its proprietary Dynamic Currency Conversion (DCC) services branded as Pay in Your Currency, which it called a “standout deal,” supported its forecasts, allowing the company to launch DCC into the prolific region.
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Other Planet Payment articles
Other Planet Payment news
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01/07/10 Planet Payment shareholder Andrew Paul lifts stake to 8.4%
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17/06/10 Canaccord says Mastercard’s DCC decision favourable for Planet Payment
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11/06/10 Daniel Stewart & Co says Planet Payment’s main risk gone
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17/05/10 Planet Payment should see improvement in performance this year - Daniel Stewart & Co
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13/05/10 Planet Payment delivers solid first quarter results
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04/05/10 Planet Payment extends multi-currency processing contract with TSYS
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04/05/10 Planet Payment extends multi-currency processing contract with TSYS
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14/04/10 Planet Payment enters South Africa ahead of World Cup
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14/04/10 Planet Payment to launch Pay in Your Currency in South Africa ahead of World Cup
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01/04/10 Planet Payment extends multi-currency processing agreement with Fifth Third
