Edenred : Solid growth but priced in, M&A remains the sole catalyst
>A less favourable comparative base as of Q4 - Edenred posted solid organic growth for its operating revenues in Q3, at +14.6%, underpinned by all divisions including confirmation of a return to growth in employee benefits in Brazil. However, management noted during the conference call that the base effect will be more difficult as of Q4, even though growth prospects remain favourable. Note that the group generated organic growth of 11.7% in Q4 2017. Even if we i...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.
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.
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