www.planetpayment.com
Planet Payment [LSE:AIM:PPT and PPTR; OTCQX:PLPM] is a leading international payment and data processor, providing banks and their merchants with innovative solutions to accept, process and reconcile payments, anytime, anywhere and in any currency.
Its customer base of more than 40 acquiring banks and processors stretches from North America, to the Middle East, to Asia Pacific, including China, Hong Kong, Macau, Taiwan, Malaysia and India. Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore. Visit www.planetpayment.com for more information on the Company and its services.
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.
















