>Solid growth in Q1 2024, reassuring on underlying business - Edenred reported yesterday before the market open organic growth in Q1 operating revenues up +16.9%, ahead of expectations at 14.2%. This momentum is underpinned by all of the group’s businesses and products, including the meal voucher business, engagement platforms, mobility solutions and beyond fuel (maintenance and tolls in particular), which continue to benefit from a low penetration rate (meal voucher...
>Solide croissance au T1 2024, rassurante sur l’activité sous-jacente - Edenred a publié hier avant Bourse une croissance organique du CA opérationnel au T1 de 16.9%, au-dessus des attentes à 14.2%. Ce dynamisme est soutenu par l’ensemble des métiers et produits, dont le Ticket Restaurant (TR), les plateformes d’engagement, les solutions de mobilité et beyond fuel (maintenance et péage en particulier), qui continuent de bénéficier d’un faible taux de pénétration (TR ...
>Q1 2024 revenue higher, with organic beat - Edenred has reported total Q1 2024 revenue of € 685m, 3% above forecasts (consensus at € 666m), i.e. a reported increase of 21.4%, of which +20.5% organic, +5.2% from M&A and -4.4% from the forex effect. Organic growth in operating revenues in Q1 was +16.9%, above the consensus at 14.2% (ODDO BHF 13.9%). All the regions are dynamic in organic terms, o/w Europe at +12.8% in Q1 (vs consensus +11.8%), including +7.9% in Fran...
Edenred has reported robust sales numbers with operating revenue re-accelerating to +16.9%, well ahead of market expectations at 14.2%. Resilient demand and the largely under-penetrated market addressed by the firm hint at a continuation in the growth trends observed today, and add weight to our or
>Q1 2024 revenue higher, with organic beat - Edenred has reported total Q1 2024 revenue of € 685m, 3% above forecasts (consensus at € 666m), i.e. a reported increase of 21.4%, of which +20.5% organic, +5.2% from M&A and -4.4% from the forex effect. Organic growth in operating revenues in Q1 was +16.9%, above the consensus at 14.2% (ODDO BHF 13.9%). All the regions are dynamic in organic terms, o/w Europe at +12.8% in Q1 (vs consensus +11.8%), including +7.9% in Fran...
>Proceedings in Italy: the figure of € 20m is seen as the maximum risk - At our TMT conference, Edenred reiterated that the sum of € 20m sequestered by the Italian public prosecutor is considered the maximum amount that could be demanded (+€ 1-3m depending on whether the fraud is deemed deliberate or not). This is traditional practice in penal proceedings in Italy so that the courts ensure that companies pay up if fined. The € 20m figure was calculated by an expert an...
>Procédure en Italie : le montant de 20 M€ reste perçu comme le risque maximum - Lors de notre conférence TMT, Edenred a réitéré que la somme de 20 M€ placée sous séquestre par le procureur de justice italien est considérée comme le montant maximum qui pourrait leur être demandé (+1/3 M€ selon que la perception de fraude est considérée comme volontaire ou non). Il s’agit d’une pratique classique en Italie dans le cadre d’une procédure pénale afin que la justice s’assu...
A director at Edenred SE bought 800 shares at 48.264EUR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
Following the publication of FY 2023 numbers yesterday, we update our model and roll over our DCF, prompting us to increase our PT to EUR70. We recognise that the market consensus is unlikely to upgrade its forecasts in the near term, due to normalising organic growth and the limited surprise on op
The start of the earnings season has halted EPS erosion, which was marked in Europe and more limited in the US. In 2024, EPS should grow twice as fast on the S&P 500 (+10%) vs the Stoxx 600 (+5%). In Europe, the fastest-growing sectors are travel & leisure, banks and industrials. - ...
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