Edenred: FY 2012 results: Bang in line with targets

NEUTRAL, Fair Value EUR24.5 (+2%)
News published on February Wednesday 13, 2013
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All financials were in line with targets. With issue volume of EUR16.657bn up 10.1% lfl (our forecast was for EUR16.627bn), total revenue reached EUR1.067bn, up 7.3% lfl (consensus was EUR1.063bn and our forecast EUR1.062bn) with EBIT at EUR367m (consensus of EUR362m and our forecast for EUR355m), bang in line with the group's target for EUR355-375m. Funds from operations were up 13.4% lfl at EUR282m (our forecast was EUR286m) beating the group's target for more than 10%. Based on these results, management is to propose a dividend of EUR0.82 per share (consensus EUR0.75 and our forecast of EUR0.76) up 17% representing a P/O ratio of nearly 90% vs. 78% last year. Finally, mid-term targets were confirmed i.e. issue volume growth of 6-14% and FFO of more than 10%.

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