Wide-Moat Edenred Prints a Strong First Half
Wide-moat Edenred printed a strong first-half result, with organic revenue growth of just over 10% and EBIT margins up 1.8% to a fraction under 30%. The firm's outsize exposure to Latin America detracted from headline performance, with currency movements knocking more than 8% off the reported growth rate and exposure to Venezuela subtracting a further 0.5%. Overall, the first-half performance marries with our expectations for the full year, and we do not expect to make any material adjustments t...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.
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