Edenred: H1 Results: Good lfl performances negatively impacted by currency effects
NEUTRAL, Fair Value EUR25 (+10%)
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.
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