Report
Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Résultats S1 2018 (24/07 BT) solides mais attention à l’effet mix. Les guidances LFL 2018 devraient être confirmées

>Croissance LFL solide mais effet mix qui pourrait peser sur la marge - Nous attendons une croissance LFL du CA opérationnel de 13,5% ce qui suggère une tendance toujours dynamique au T2 (Oddo BHF +13.1%) malgré un léger ralentissement vs T1 (13.9%), mais supérieure à la guidance annuelle et MT de >7%. Par marché, nous attendons une croissance LFL du CA opérationnel tirée par la France (+8.2%e au S1) et l’Europe (+12.7%e) qui bénéficient d’un contexte macroéconom...
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

Matthias Desmarais

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