Report
Johanna Jourdain

Edenred : Solid H1 2023 results that beat expectations, FY 2023 EBITDA guidance will drive up consensus adjustments

>H1 2023 results beat expectations, with EBITDA 4% above estimates - Edenred’s total H1 2023 revenues came in at € 1,163m (+26% reported), 3% above the consensus at € 1,132m. In detail, operating revenues amounted to € 1,081m (consensus € 1,058m), with organic growth of 20%, above the consensus at 18.1%. This implies organic growth of +19.6% in Q2, beating expectations at +15.9% and showing a very limited slowdown in Q2 after +20.4% in Q1, mostly due to a tougher comp...
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

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