Report
Michael Field
EUR 101.80 For Business Accounts Only

Edenred's 3Q Results Were Just the Ticket

Wide-moat Edenred delivered a solid third-quarter performance, bang in line with our expectations on a top-line basis and with guidance unchanged for the full year. Headline growth of almost 20% was driven to a large degree by acquisitions, but underlying growth remained strong on like-for-like basis, coming in at 7.6%. We do not expect to make any changes to our forecasts, nor to our EUR 21 fair value estimate, on the back of these results. We believe the share price is currently up with events...
Underlying
Sodexo SA

Sodexo is a services company which partners with companies, institutions and local authorities. Co. designs, manages and delivers Quality of Life services. Co.'s offers are: On-Site Service Solutions (Co.'s services are: Corporate, Defense, Justice Services, Remote sites, Health Care, Seniors, Education and Sports and Leisure), Benefits and Rewards Services Solutions (Co.'s offers focus on the following services: recruit and retain employees and increase their motivation; mobilize teams around quantitative or qualitative objectives; ensure delivery of Public Benefits), and Personal and Home Services (services in childcare; tutoring and adult education; concierge services and senior care).

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Michael Field

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