Edenred: Feed back: Long-term sustainable growth

BUY vs. NEUTRAL, Fair Value EUR26 vs. EUR25 (+20%)

News published on February Thursday 13, 2014
Share on

Reassuring trends despite the impact of currencies, the 2013 results highlighted the group’s ability to generate strong growth bearing in mind that on a lfl basis Issue Volume increased 11.8%, operating revenue 7.7%, EBIT 10.9% and FFO 11.5%. Long-term perspectives sound good, management revising its medium-term targets with lfl Issue Volume growth of between 8% to 14% (vs. 6% to 14%), a flow-through ratio of over 50% (57% in 2013) and FFO lfl growth per year of over 10%. After limited adjustments, we move our opinion to buy from neutral with a fair value of EUR26.

Full report available to subscribers
Please contact marketing@bryangarnier.fr   

The Essentials

Everything you need to know about investment banking dedicated to growth
Recent Transactions Highlights
From M&A, to IPOs see what’s been happening at Bryan, Garnier & Co this year
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities