Edenred : FY 2021 results on 22 February: outlook unchanged but a more attractive valuation
>FY results with no surprises expected on 22 February 2022 - We think that the Q4 performances should not hold any surprises, with a limited impact from Omicron. We therefore expect FY organic growth in operating revenues of 13.9% (+14.4% over 9M) and EBITDA of € 663m, at the upper end of the guidance range of € 645-670m, giving organic EBITDA growth of 13-17% (ODDO BHF 15.9% est.). There is some uncertainty on FCF generation with a fragile WCR trend expected after a ...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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