Stock Analysis & Valuation NCR Voyix Corporation (0K45.L)

• Previous Close: £9.98
• Sector Valuation Confidence Level: Low

Valuation method	Value, £	Upside, %
Artificial intelligence (AI)	15.70	57
Intrinsic value (DCF)	5.29	-47
Graham-Dodd Method		n/a
Graham Formula	7.20	-28

Strategic Investment Analysis

Company Overview

NCR Voyix Corporation (LSE: 0K45.L) is a leading global provider of software, hardware, and services for the retail, hospitality, and banking industries. Headquartered in Atlanta, Georgia, the company operates across the Americas, Asia Pacific, Europe, the Middle East, and Africa. NCR Voyix specializes in digital banking solutions, point-of-sale (POS) systems, self-service kiosks, and payment processing technologies. Its offerings include ATM-as-a-Service, cloud-enabled POS platforms, and hospitality management solutions, catering to financial institutions, restaurants, and retailers. With a history dating back to 1881, NCR Voyix has evolved into a technology-driven enterprise, focusing on digital transformation and omnichannel customer engagement. The company serves a diverse clientele, leveraging its expertise in managed services, transaction processing, and consumer engagement to drive operational efficiency and enhance customer experiences. Despite financial challenges, NCR Voyix remains a key player in the competitive IT services sector, with a strong presence in digital banking and retail technology.

Investment Summary

NCR Voyix presents a mixed investment profile. The company operates in high-growth segments like digital banking and retail technology, but its financial performance has been weak, with a net loss of $572 million in the latest fiscal year and negative operating cash flow. Its high beta (1.629) suggests significant volatility relative to the market. While NCR Voyix has a strong market position in ATM and POS solutions, its high debt ($1.6 billion) and negative EPS (-$4.06) raise concerns about profitability and financial stability. Investors should weigh its established industry presence against these financial risks before considering an investment.

Competitive Analysis

NCR Voyix competes in the highly fragmented IT services and financial technology sector, with a focus on banking, retail, and hospitality solutions. Its competitive advantage lies in its long-standing industry relationships, comprehensive product portfolio (spanning hardware, software, and services), and expertise in self-service technologies. However, the company faces intense competition from both legacy players and agile fintech disruptors. NCR Voyix’s ATM-as-a-Service and digital banking solutions compete with cloud-native platforms, while its POS systems vie with modern, API-driven alternatives. The company’s ability to integrate hardware and software gives it an edge in certain verticals, but its financial constraints may limit R&D investments compared to better-capitalized rivals. Its hospitality segment benefits from a full-stack approach (POS, kitchen displays, and loyalty solutions), but faces pricing pressure from SaaS competitors. NCR Voyix’s challenge is to transition its legacy business to a cloud-centric model while managing debt and improving profitability.

Major Competitors

• Global Payments Inc. (GPN): Global Payments is a major competitor in payment processing and POS solutions, with a strong focus on integrated software. It has a more diversified revenue stream and stronger profitability than NCR Voyix, but lacks NCR’s depth in self-service banking and ATM solutions. Its scale in merchant services poses a threat to NCR’s retail segment.
• Fidelity National Information Services (FIS): FIS dominates the banking technology space with its core processing software and digital banking solutions. It competes directly with NCR Voyix in financial services but has a broader product suite and larger scale. However, FIS has faced integration challenges post-acquisitions, which NCR could exploit in targeted banking verticals.
• Block, Inc. (SQ): Block (formerly Square) is a disruptive force in POS and payment ecosystems, particularly for SMBs. Its agile, mobile-first solutions contrast with NCR’s enterprise-focused hardware-software bundles. Block’s innovation in fintech (e.g., Cash App) outpaces NCR, but it lacks NCR’s footprint in ATMs and large-scale retail deployments.
• Adyen NV (ADYEY): Adyen’s unified commerce platform competes with NCR’s payment solutions, especially in omnichannel retail. Its tech-first approach and strong international presence make it a threat, though NCR retains an advantage in integrated hardware-software systems for hospitality and banking.
• FleetCor Technologies (FLT): FleetCor specializes in payment and loyalty solutions, overlapping with NCR’s fuel and retail verticals. It has stronger margins but lacks NCR’s breadth in banking and restaurant tech. NCR’s ATM network gives it an edge in certain geographic markets.