Edenred: Venezuela: New devaluation risk
NEUTRAL, Fair Value EUR25 (+3%)
José Guerra, one of Venezuela' most recognised economists, is anticipating a fresh and very sharp devaluation in the Bolivar Fuerte in view of the current economic situation (stagflation) following municipal elections in early next December. He estimates the pair might pass USDVEF 10-12 i.e. a possible devaluation of 50-60%. If this happens, the impact on FY 2014 group results could be significant.
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