Edenred: Q3 revenue conference call: Strong lfl growth. FY 2013 EBIT highly impacted by currencies
NEUTRAL, Fair Value EUR25 (+6%)
Q3 growth was clearly healthy during Q3 even if we have to take into account positive calendar effects, Portugal or the ramp-up of a significant contract in Venezuela. In all, lfl Issue Volume was up 15.2% in Q3 and 12.4% ytd while operating revenue rose +8.8% and +7.8% respectively. As expected, financial revenue fell 2.8% in Q3 and 4.7% ytd. Management expects a similar top-line trend in Q4. Currency impacts were higher than expected in July in terms of EBIT, which is set to come in at the low end of the target. We confirm our estimate for FY 2013 EBIT of EUR372m.
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