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Net Element recently announced it would integrate Apple Pay services into its point-of-sale payment acceptance hardware and software, enabling company merchants the ability to accept Apple Pay from customers
New York, NY / ACCESSWIRE / September 22, 2014 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a company update on Net Element, Inc. (NETE).
"NETE quickly responded to Apple’s announcement with its own announcement on September 17th that it will integrate Apple services into its point-of-sale payment acceptance hardware and software, enabling company merchants the ability to accept Apple Pay from customers. NETE will be offering a free NFC Contactless, EMV-enabled point-of-sale terminal to merchants that upgrade to its Unified Payments service offering. With an expected 60 million iPhone users expected to begin using the mobile wallet, we view this as material news for NETE shares. Subsequently, we are raising our price target on NETE to $5.17 per share," stated Ajay Tandon, CEO of SeeThruEquity.
Additional highlights of the note are as follows:
- Apple Pay is a significant announcement for NETE. On September 9, 2014, Apple announced its new mobile payment system Apple Pay. Using a Near Field Communication antenna in the iPhone 6, a consumer will be able to pay for goods and service using their phones. While mobile payments are not a new innovation and there are other competitive alternatives to Apple Pay that have not caught on in the US, Apple’s presence in the market will garner significant attention to the space. As consumers become more comfortable with using their iPhones as a mobile wallet, we feel that other competing mobile payment alternatives will also gain in popularity and utilization. This is a win-win for NETE, as it has consistently positioned itself as a payment processor for nearly all mobile payment alternatives. NETE quickly responded to Apple’s announcement with its own announcement that it will integrate Apple® services into its point-of-sale payment acceptance hardware and software, enabling company merchants the ability to accept Apple Pay from customers. Customers will be able to pay at the point-of-sale and online using their iPhone 6, iPhone 6 Plus and Apple Watch devices. NETE will be offering a free NFC Contactless, EMV-enabled point-of-sale terminal to merchants that upgrade to its Unified Payments service offering. With an expected 60 million iPhone users expected to begin using the mobile wallet, we view this as material news for NETE shares.
- Debt conversion. On September 15, 2014, NETE announced that it has entered into a debt exchange agreement with Crede. Under the agreement, NETE immediately eliminated $15.8mn of indebtedness under certain promissory notes. After acquiring the promissory notes, Crede exchanged them NETE common stock.
- Raising price target to $5.17. We are raising our price target from $3.47 to $5.17 for NETE. This represents 73.4% upside potential from the recent market price of $2.98. We feel that NETE’s longterm revenue prospects have been significantly increased by the announcement of Apple Pay.
The note is available here: NETE Update Note. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms.
Please review important disclosures on our website at www.seethruequity.com.
About Net Element, Inc.
Net Element, Inc. (NETE) is a global financial technology-driven company specializing in mobile payments and transactional services in emerging countries and in the U.S. The company operates its business through its global mobile payments and transaction processing provider, TOT Group. TOT Group companies include Unified Payments, recognized by Inc. Magazine as the #1 Fastest Growing Private Company in America in 2012; Aptito, a next generation cloud-based point of sale payments platform; and TOT Money, which has a leading position in Russia and has been ranked as the #1 SMS content provider by Beeline, Russia's second largest telecommunications operator. NETE has global development centers and high-level business relationships in the U.S., Russia and Commonwealth of Independent States.
For more information, visit www.netelement.com.
About SeeThruEquity
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.
Contact:
Ajay Tandon
SeeThruEquity
(646) 495-0939
SOURCE: SeeThruEquity
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