Edenred designs and delivers services to clients, companies or public sectors, enabling them to offer beneficiaries additional purpose-directed purchasing power, such as the Ticket Restaurant® meal voucher, and provides prepaid corporate services. Co.'s product offering ensures that allocated funds are used as intended, allowing its clients to manage: Employee benefits (Ticket Restaurant®, Ticket Alimentacion®, Ticket CESU, Childcare Vouchers®, etc.); Expense management process (Ticket Car®, Ticket Clean way®, Repom®, etc.); and Incentive and rewards programs (Ticket Compliments®, Ticket Kadeos®, etc.). Co. also supports public institutions in managing their social benefits programs.
  • TickerEDEN
  • ISINFR0010908533
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance

Analysts

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2019

...

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Previews: what to expect from Q3 earnings (18/10) and the CMD (23/10)?

>Still dynamic organic growth in Q3? - We expect Q3 revenues to be dynamic at € 390m est. (+20% reported, consensus € 386m), buoyed by both the integration of the recent acquisitions (+6.0%e, including CSI, TRFC and Easy Welfare) as well as an improvement in financial revenues (increase of +€ 3m est.) and by organic growth in operating revenues that is still just as dynamic. We expect organic growth of +13.1%e in Q3 (+14.0%e in 9M), above the consensus forecast of +11...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2019

...

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Previews : qu’attendre de la publication T3 (18/10) puis du CMD (23/10) ?

>Croissance organique toujours dynamique au T3 ? - Nous attendons un CA T3 dynamique à 390 M€e (+20% en publié, consensus 386 M€), soutenu à la fois par l’intégration des récentes acquisitions (+6.0%e, dont CSI, TRFC et Easy Welfare) ainsi que par une amélioration du CA financier (hausse de +3 M€e) et par une croissance organique du CA opérationnel toujours dynamique. Nous attendons celle-ci à +13.1%e au T3 (+14.0%e sur 9M), au-dessus du consensus à +11.7%, compte ten...

1 director sold

A director at Edenred sold 2,200 shares at 44.040EUR and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members...

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Previews: what to expect from Q3 earnings (18/10) and the CMD (23/10)?

>Still dynamic organic growth in Q3? - We expect Q3 revenues to be dynamic at € 390m est. (+20% reported, consensus € 386m), buoyed by both the integration of the recent acquisitions (+6.0%e, including CSI, TRFC and Easy Welfare) as well as an improvement in financial revenues (increase of +€ 3m est.) and by organic growth in operating revenues that is still just as dynamic. We expect organic growth of +13.1%e in Q3 (+14.0%e in 9M), above the consensus forecast of +11...

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Previews : qu’attendre de la publication T3 (18/10) puis du CMD (23/10) ?

>Croissance organique toujours dynamique au T3 ? - Nous attendons un CA T3 dynamique à 390 M€e (+20% en publié, consensus 386 M€), soutenu à la fois par l’intégration des récentes acquisitions (+6.0%e, dont CSI, TRFC et Easy Welfare) ainsi que par une amélioration du CA financier (hausse de +3 M€e) et par une croissance organique du CA opérationnel toujours dynamique. Nous attendons celle-ci à +13.1%e au T3 (+14.0%e sur 9M), au-dessus du consensus à +11.7%, compte ten...

Bruno de La Rochebrochard

EDENRED: Finding weaknesses in the business model remains a challenge! | BUY | EUR50 vs. EUR47 (+10%)

EDENRED - BUY | EUR50 vs. EUR47 (+10%) Finding weaknesses in the business model remains a challenge! As we highlighted, pressure on H1 operating margin but short-lived Growth factors that remain powerful Significant growth confirmed for FY 2019 FV upgraded to EUR50 from EUR47

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : What to expect from the H1 2019 publication? (23 July before trading)

>Will growth still be very solid in H1 2019? - Edenred is due to report its H1 2019 results on 23 July before market. We forecast total H1 revenues of € 770m (consensus € 765m), with reported growth of 15.8%, of which operating revenues of € 743m (+16.1%) and financial revenues of € 27m (+7.5%).We forecast very brisk H1 2019 organic growth of 12.8% for the group (consensus at 12.9%), underpinned by all of the divisions. This is in spite of a slightly slower pace ...

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Qu’attendre de la publication des résultats S1 2019 ? (23/07 avant Bourse)

>Vers une croissance toujours très solide au S1 2019 ? - Edenred publiera ses résultats S1 2019 le 23 juillet avant Bourse. Nous attendons un CA S1 de 770 M€e au total (consensus 765 M€), en croissance publiée de 15.8%, dont un CA opérationnel de 743 M€ (+16.1%) et un CA financier de 27 M€ (+7.5%).Nous anticipons une croissance organique très dynamique pour Edenred sur le S1 2019 de 12.8%e (consensus 12.9%e), soutenue par l’ensemble des divisions. Ceci malgré un ...

1 director sold

A director at Edenred sold 2,200 shares at 44.040EUR and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2019

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2019

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Corby
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/29/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2019

We reiterate our Buy recommendation with a target price of € 15.60. Aside from the restoration of the market’s confidence, the key point is the upcoming strategic plan expected to be unveiled at end-2019. It should be based on enhancing the operating performance and resuming value creation, which should in turn act as a catalyst for the group's re-rating. Our analysis of the various strategic options indicates a positive risk-reward profile. - ...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2019

Nous réitérons notre opinion Achat avec un OC de 15.60 €. Au-delà du retour à la confiance du marché, l’enjeu demeure le prochain plan stratégique qui sera dévoilé en fin d’année 2019. Il devra être fondé sur un socle d’amélioration de la performance opérationnelle et de retour à la création de valeur afin de constituer le catalyseur d’une revalorisation du groupe. Notre analyse des différentes options stratégiques aboutit à un risk reward positif. - ...

EDENRED sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of EDENRED (FR), active in the Business Support Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 24, 2019, the closing price was EUR 40.42 and its target price was estimated at EUR 35.69.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

Bruno de La Rochebrochard

Food Services: Top Picks: Edenred returns to our list before its CMD

Food Services Top Picks: Edenred returns to our list before its CMD Looking back to Q3 2019: Impact of mixed publications What we see for Q4: no surprise expected from FY publications, but wait-and-see attitude should continue in contract catering Edenred back in our top picks list

Bruno de La Rochebrochard

Top picks: Edenred (Buy, FV EUR47) should continue to outperform

Food Services Looking back on Q1 2019 What we see for Q2 2019

Jehanne Leroy

Edenred - Assemblée Générale des actionnaires du 14 mai 2019

RémunérationsConcernant les rémunérations attribuées à Bertrand Dumazy, la société n’a apporté aucune amélioration à sa communication. Ainsi, pour les critères financiers, elle ne communique pas les taux de réalisation de chacun de ces critères, et pour les autres critères quantitatifs, elle ne communique pas clairement quel indicateur est utilisé. Cela ne permet pas à l’actionnaire de comprendre comment ont été fixés les montants attribués et donc de comprendre dans quelle mesure les montants attribués sont alignés avec les performances effectuées. De plus, la structure de la rémunération 201...

Expert Corporate Governance Service (ECGS)

Edenred - AGM and EGM 14 May 2019

ITEM 5: The 2019 Chairman and CEO remuneration policy does not change compared to 2018. Thus, structure and amounts at stake remain too generous and this remuneration policy is not satisfactory.  ITEM 6: Regarding amounts granted in 2018, the company’s disclosure did not improve. Therefore, some information that could allow for a perfect understanding of amounts granted is missing. Moreover, the 2018 remuneration structure does not meet our recommendations. Finally, we note that the board should be more rigorous regarding the annual bonus and could be more challenging regarding LTI.

Edenred - Assemblée générale des actionnaires du 14 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Edenred – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 03/05/2018

ITEM 6: the renewal of the Chairman and CEO’s mandate is proposed. Proxinvest supports this resolution taking into account counter powers implemented and the group’s market and environmental performances. However, we note that the double voting right has been maintained (even if only 2% of shares have double voting rights), creating a rights distortion between shareholders (precisely between registered shareholders who can have double voting rights and holder of bearer shares who cannot). ITEM 10: the 2018 Chairman and CEO remuneration policy is not supported considering structure and amounts...

Valérie GASTALDY

Medium term view - EDENRED : The background trend is clearly bullish.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €25.21.

Valérie GASTALDY

Analyse moyen terme - EDENRED : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 25,21 €.

Valérie GASTALDY

Analyse moyen terme - EDENRED : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 35,20 € et 37,55 €. La tendance serait invalidée sous le support à 25,21 €.

Valérie GASTALDY

Medium term view - EDENRED : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €35.20 and €37.55. The trend would be invalidated below the support at €25.21.

Valérie GASTALDY

Medium term view - EDENRED : Prices are still making progress.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €35.20 and €37.55. The trend would be invalidated below the support at €25.21.

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