This is our first report on software-and services-led enterprise technology provider, NCR Corporation. The company is known to largely cater to retail, restaurants, and self-directed banking customers. Despite the incredibly challenging macroeconomic environment, NCR Corp’s second quarter results were beyond Wall Street expectations on all counts. The company increased productivity, filled a few price-cost gaps, and handled delayed executions. They are advancing in payments and network throughout merchant acquisition and the Allpoint network. A growing number of merchants are accepting integrated payments with a PoS system. Additionally, the company is extending NCR Pay360, which adds more transaction kinds to NCR endpoints, including digital currency solutions. Digital banking also saw 25 renewals, 5 new logo sales, and Terafina’s ongoing growth with 4 new clients for their online platform for opening digital accounts during the second quarter. They also kept moving toward a lean production model in the second quarter by outsourcing manufacturing. We initiate coverage on NCR’s stock with a ‘Buy’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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