Report
Johanna Jourdain ...
  • Stephane Houri

Edenred : An encouraging Q1 for the rest of 2021

>A strong ramp-up in growth expected as of Q2 - After an encouraging Q1, we expected a strong ramp-up in organic growth as of Q2 (ODDO BHF +25% est.) which should benefit from a very easy comparison base (-15% in Q2 2020) and the gradual reopening of restaurants expected in mid- to end-Q2 for Europe (backlog of funds to be spent of € 400-500m, i.e. € 10-15m in revenues according to our estimates). At the same time, the return to growth in Brazil (+5.5% in Q1 2021 afte...
Underlying
Edenred SA

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Johanna Jourdain

Stephane Houri

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