Edenred : Another (heavily) punished results publication
>H1 results and FY 2024 positive up to EBITDA - Yesterday, before the stock market close, Edenred reported H1 2024 results above expectations (+2% on EBITDA), including a 130bp margin increase and an FY 2024 EBITDA guidance (range € 1.23bn/€ 1.30bn) in line with the consensus at € 1,264m. Nevertheless, this publication was heavily punished (share price -13% at the close), for two main reasons in our view: 1/ future adjustments to the bottom of P&L for the consensus (n...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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