Edenred: H1 Results: Good lfl performances negatively impacted by currency effects

NEUTRAL, Fair Value EUR25 (+10%)

News published on July Wednesday 24, 2013
Share on

H1 total revenue was up 6.2% on lfl basis at EUR525m after IV of EUR8,576m up 11% and EBIT reached EUR172m up 1.4% on reported and 7.7% lfl, slightly lower than our forecast (EUR178m) but in line with the consensus. For the whole year, management announced an EBIT guidance of between EUR370m and EUR390m which compared with last year’s EBIT of EUR367m and our current FY2013 forecast of EUR386m, i.e. same amount as for the consensus.

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