Edenred designs and delivers services to clients, companies or public sectors, enabling them to offer beneficiaries additional purpose-directed purchasing power, such as the Ticket Restaurant® meal voucher, and provides prepaid corporate services. Co.'s product offering ensures that allocated funds are used as intended, allowing its clients to manage: Employee benefits (Ticket Restaurant®, Ticket Alimentacion®, Ticket CESU, Childcare Vouchers®, etc.); Expense management process (Ticket Car®, Ticket Clean way®, Repom®, etc.); and Incentive and rewards programs (Ticket Compliments®, Ticket Kadeos®, etc.). Co. also supports public institutions in managing their social benefits programs.
  • TickerEDEN
  • ISINFR0010908533
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance
Bruno de La Rochebrochard ...
  • David Vignon

Payments & Security: Top Picks Q3 2020: Edenred

Payments & Security Top Picks Q3 2020: Edenred Looking back at Q2 2020 Looking forward to Q3 2020 Our Top Pick for Q3: Edenred

Edenred: 1 director sold

A director at Edenred sold 23,004 shares at 39.073EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/29/2020

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Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/06/2020

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Johanna Jourdain ...
  • Stephane Houri

Edenred : Gradual recovery expected in most of the group’s activities from the end of Q2 though visibility is still limited in Latam and at CSI

>Low point expected in Q2: gradual recovery in Europe, visibility still limited in Latam and at CSI - Following a contact with the company, we continue to think that Q2 should be the low point in 2020 for Edenred. Business is picking up gradually in countries that have eased their lockdowns (Europe, 56% of operating revenues) and should follow suit at a later date in Latin America (36% of sales). In employee benefits, Edenred is seeing a gradual recovery, which depen...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflections, following in the footsteps of MSCI EM and Japan. The proliferation of breakouts is building a stro...

Valérie GASTALDY

Medium term view - EDENRED : The background trend is clearly bullish.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €25.21.

Valérie GASTALDY

Analyse moyen terme - EDENRED : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 25,21 €.

Valérie GASTALDY

Analyse moyen terme - EDENRED : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 35,20 € et 37,55 €. La tendance serait invalidée sous le support à 25,21 €.

Valérie GASTALDY

Medium term view - EDENRED : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €35.20 and €37.55. The trend would be invalidated below the support at €25.21.

Edenred: 1 director sold

A director at Edenred sold 23,004 shares at 39.073EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Bruno de La Rochebrochard ...
  • David Vignon

Payments & Security: Top Picks Q3 2020: Edenred

Payments & Security Top Picks Q3 2020: Edenred Looking back at Q2 2020 Looking forward to Q3 2020 Our Top Pick for Q3: Edenred

Johanna Jourdain ...
  • Stephane Houri

Edenred : Gradual recovery expected in most of the group’s activities from the end of Q2 though visibility is still limited in Latam and at CSI

>Low point expected in Q2: gradual recovery in Europe, visibility still limited in Latam and at CSI - Following a contact with the company, we continue to think that Q2 should be the low point in 2020 for Edenred. Business is picking up gradually in countries that have eased their lockdowns (Europe, 56% of operating revenues) and should follow suit at a later date in Latin America (36% of sales). In employee benefits, Edenred is seeing a gradual recovery, which depen...

Johanna Jourdain ...
  • Stephane Houri

Edenred : Reprise progressive attendue dans la plupart des activités du groupe dès la fin du T2, même si la visibilité reste encore limitée au Latam et chez CSI

>Point bas attendu au T2 : reprise progressive en Europe, visibilité encore limitée au Latam et chez CSI - A la suite d’un contact société, nous continuons de penser que le T2 devrait marquer le point bas en 2020 pour Edenred. L’activité reprend progressivement dans les pays ayant « déconfiné » (Europe, 56% du CA opérationnel) et devrait suivre ultérieurement au Latam (36% du CA). En Employee Benefits, Edenred observe une reprise progressive qui dépend en grande parti...

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

Stephane Houri

Ageas : Digitalisation post-COVID : quelles conséquences sur nos secteurs et valeurs ?

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. - >Digitalisation accélérée, pas de retour en arrière - La crise du COVID-19 va sans aucun doute accélérer l’utilisation du numérique dans la société en général. Le télétravail a ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 26/02/2020 - Edenred

TP ICAP (Europe) S.A. | Recherche Crédit | Mercredi 26 février 2020 Edenred (Achat) : Table sur une croissance de l’EBITDA de plus de 10% en 2020 Europcar (Vente) : RN de €38m (-72,8%) en 2019 Solvay (Conserver) - 2019 : EBITDA de €2,3 mds (-0,4%) Peugeot (Achat) - 2019 : Marge opérationnelle courante de 8,5% (+0,8 pts) Tesco (Achat) : Finalise la cession de ses actifs en Asie Arkema (Achat) : Envisage des cession d'actifs BioMérieux (Achat) - 2019 : RN de €273m (+6,2%)   Emetteurs : Espagne, Europcar, Solvay, Peugeot, ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 25/11/2019 - Banques allemandes - FR

Banques allemandes : La Bundesbank et Moody’s s’inquiètent de la faible rentabilité du secteur bancaire Intrum (Achat) : Un départ et une potentielle reprise d’une activité de gestion des créances douteuses de Cerved AG2R La Mondiale (Achat) : Hausse de +20pts de sa marge de solvabilité depuis fin juin 2019 Atalian (Conserver) - 9M-19 : EBITDA de €127m (+20,1%, +8,4% en organique) Altice (Vente) : Acquisition de Covage pour €1 md en numéraire Icade (Conserver) : Acquisition de 19 EHPAD pour €266m, droits inclus LVMH (Achat) : Acquisition d...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 24/10/2019 - Intrum, Ford - FR

Intrum (Achat) - 9M-19 : EBIT de SEK4,2 mds (€391m, +41,1%) Ford (Achat) : Abaisse ses perspectives pour 2019 Scor (Achat) - 9M-19 : Primes brutes de €12,1 mds (+3,2% à tcc) SEB (Achat) - 9M-19 : Résultat d’exploitation de SEK17,8 mds (€1,7 md, +4,8%) Constellium (Achat) : Revoit à la baisse ses objectifs 2019 Edenred (Achat) : Vise une croissance organique d’EBITDA >10% jusqu’à 2022 Europcar (Vente vs Achat) : Abaisse ses perspectives pour 2019 Schmolz + Bickenbach : Prévoit une augmentation de capital de CHF189m à CHF350m ...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/29/2020

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Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/06/2020

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Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

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Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2020

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Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

EDENRED sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of EDENRED (FR), active in the Business Support Services industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date April 10, 2020, the closing price was EUR 40.50 and its target price was estimated at EUR 34.00.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Edenred – AGM 7 May 2020

Press release of 7/4/20 (): - Dividend reduced from 0.87 € to 0.70 €. - CEO's waiver of 25% of his compensation to be paid in 2020. This remuneration will be paid into a fund intended to support Edenred's ecosystem in the face of the consequences of the Covid-19 epidemic. ITEM 8: The Company proposes to replace the defined benefit pension scheme (whose rights are now frozen) by a defined contribution scheme. First of all, ECGS regrets a lack of transparency of the company: indeed, the estimated annuity attached to the previous defined benefit pension scheme is not disclosed, which does not...

Jehanne Leroy

Edenred- Assemblée Générale des actionnaires du 7 mai 2020

Rémunérations La société propose de remplacer la retraite à prestations définies (dont les droits sont désormais gelés) par un régime à cotisations définies. Tout d’abord, Proxinvest regrette un manque de transparence de la société : en effet, la rente estimée attachée au précédent régime de retraite à prestations définies n’est pas communiquée ce qui ne respecte pas la Loi Macron et ce qui ne permet pas aux actionnaires de contrôler la valorisation du transfert de ces sommes sur le nouveau régime. De plus, le taux de cotisation de 21% estimé sur la base de la rémunération 2020 peut paraître ...

Jehanne Leroy

Edenred - Assemblée Générale des actionnaires du 14 mai 2019

RémunérationsConcernant les rémunérations attribuées à Bertrand Dumazy, la société n’a apporté aucune amélioration à sa communication. Ainsi, pour les critères financiers, elle ne communique pas les taux de réalisation de chacun de ces critères, et pour les autres critères quantitatifs, elle ne communique pas clairement quel indicateur est utilisé. Cela ne permet pas à l’actionnaire de comprendre comment ont été fixés les montants attribués et donc de comprendre dans quelle mesure les montants attribués sont alignés avec les performances effectuées. De plus, la structure de la rémunération 201...

Expert Corporate Governance Service (ECGS)

Edenred - AGM and EGM 14 May 2019

ITEM 5: The 2019 Chairman and CEO remuneration policy does not change compared to 2018. Thus, structure and amounts at stake remain too generous and this remuneration policy is not satisfactory.  ITEM 6: Regarding amounts granted in 2018, the company’s disclosure did not improve. Therefore, some information that could allow for a perfect understanding of amounts granted is missing. Moreover, the 2018 remuneration structure does not meet our recommendations. Finally, we note that the board should be more rigorous regarding the annual bonus and could be more challenging regarding LTI.

Edenred - Assemblée générale des actionnaires du 14 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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