Edenred: First take H1 results: Definitely strong organic but reported results largely impacted by FX
Edenred: (NEUTRAL, Fair Value EUR28,5 (0%))First take H1 results: Definitely strong organic but reported results largely impacted by FX
Consolidated revenue reached EUR665m in H1, up 2.3% in reported terms with lfl up 10.1% generating an EBIT of EUR215m, up 4.3% with organic of 14%. Such results were above consensus having anticipated revenue at EUR660m with an organic of 12.2% and an EBIT of EUR206. Good surprise on FFO which reached EUR200m (consensus at EUR168m) with really strong organic of 17.5% (consensus at 10.1%. Regarding outlook, Management remains confident for H2, highlighting nevertheless that currency effects should be again strongly negative. So, all in all, Edenred is expecting FY 2018 EBIT of between EUR440m and EUR470m compared with EUR429m in 2017. Consensus is currently at EUR457m with BG & Co. at EUR454m.
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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