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

Michael Field

Morningstar | EDEN Updated Forecasts and Estimates from 29 Nov 2018

Wide-moat Edenred produced a solid third-quarter update with like-for-like revenue up 13% and almost 5% adjusting for currency impacts. Operating revenue growth, which excludes interest income from client cash on hand, grew even faster at 14.6%. While normally such numbers would be met with much enthusiasm from the market, blowout results earlier this year and the subsequent pop in the share price have raised expectations considerably. We do not expect to make any material changes to our forecasts on the back of these numbers, and we reiterate our EUR 22.50 fair value estimate. We believe the ...

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 November 27, 2018, the closing price was EUR 32.27 and its target price was estimated at EUR 28.70.

Bruno de La Rochebrochard

EDENRED: Natural growth and strategic deal with the acquisition of CSI in NA payment market | BUY | EUR36

EDENRED - BUY | EUR36(+8%) Natural growth and strategic deal with the acquisition of CSI in NA payment market A strategic deal in the corporate payment market in NA A high price paid but fully justified and immediately accretive

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/09/2018

...

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/11/2018

...

Michael Field

Morningstar | EDEN Updated Forecasts and Estimates from 29 Nov 2018

Wide-moat Edenred produced a solid third-quarter update with like-for-like revenue up 13% and almost 5% adjusting for currency impacts. Operating revenue growth, which excludes interest income from client cash on hand, grew even faster at 14.6%. While normally such numbers would be met with much enthusiasm from the market, blowout results earlier this year and the subsequent pop in the share price have raised expectations considerably. We do not expect to make any material changes to our forecasts on the back of these numbers, and we reiterate our EUR 22.50 fair value estimate. We believe the ...

Bruno de La Rochebrochard

EDENRED: Natural growth and strategic deal with the acquisition of CSI in NA payment market | BUY | EUR36

EDENRED - BUY | EUR36(+8%) Natural growth and strategic deal with the acquisition of CSI in NA payment market A strategic deal in the corporate payment market in NA A high price paid but fully justified and immediately accretive

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Strengthening positions in B2B payments with CSI in North America

>Acquisition of $600m, in line with the group’s M&A strategy - Edenred has announced the acquisition of CSI, which specialises in automated corporate payment software in North America (B2B payment solutions). By combining its offering with that of CSI, Edenred will be able to cover the whole corporate payment value chain, both in Europe and the US. CSI’s automated payment solutions cover all payment methods (virtual MasterCard or Visa, ACH3 payments, payments by ...

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Renforcement dans les paiements B2B via l’acquisition de CSI en Amérique du Nord

>Une acquisition de 600 M$ en ligne avec la stratégie M&A du groupe - Edenred a annoncé l’acquisition de CSI, fournisseur spécialisé dans les solutions automatisées pour le paiement inter-entreprises en Amérique du Nord (solutions de paiement B2B). La combinaison de son offre avec celle de CSI permettra à Edenred de couvrir l’ensemble de la chaîne de valeur du paiement inter-entreprises, à la fois en Europe et aux Etats-Unis. La solution d’automatisation des paie...

Johanna Jourdain ...
  • Matthias Desmarais

Edenred : Solid growth but priced in, M&A remains the sole catalyst

>A less favourable comparative base as of Q4 - Edenred posted solid organic growth for its operating revenues in Q3, at +14.6%, underpinned by all divisions including confirmation of a return to growth in employee benefits in Brazil. However, management noted during the conference call that the base effect will be more difficult as of Q4, even though growth prospects remain favourable. Note that the group generated organic growth of 11.7% in Q4 2017. Even if we i...

1 director sold

A director at Edenred sold 10,571 shares at 33.251EUR and the significance rating of the trade was 78/100. 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 member...

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/09/2018

...

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/11/2018

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Roland Pfaender
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2018

With 2018e FCF (£ 450m +/- £ 100m before restructuring costs) expected to reflect a significant upturn from the low point of 2016 (£ 100m), the group’s medium-term target FCF of £ 1.8bn appears realistic. On this basis, we value the group at 1,120p per share and we are upgrading our recommendation from Neutral to Buy. Cf report published yesterday night. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Roland Pfaender
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/10/2018

Avec un FCF 2018 (450 M£ +/- 100 M£ avant coût des restructurations) attendu en fort redressement par rapport au plus bas de 2016 (100 M£), l’objectif affiché par le groupe d’un FCF à 1.8 Md£ à moyen terme semble réaliste. Sur cette base, nous valorisons le groupe à 1 120 p par action et relevons notre recommandation de Neutre à Achat. - Cf étude publiée hier soir. - ...

Alex Koagne ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jeremy Garnier
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 10/12/2018

...

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 November 27, 2018, the closing price was EUR 32.27 and its target price was estimated at EUR 28.70.

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...

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...

Jehanne Leroy

Proxy Report - 03/05/2018

Le renouvellement du mandat du Président Directeur Général, M. Dumazy, est proposé en résolution 6. Proxinvest soutient ce renouvellement au regard des divers contre-pouvoirs mis en place et des performances du groupe tant boursières qu'environnementales depuis que M. Dumazy est Président Directeur Général. On notera toutefois que la société a maintenu le droit de vote double (et ce alors même que seulement 2% des actions en bénéficient), créant ainsi une différence de traitement entre tous les actionnaires (notamment entre les actionnaires au nominatif, qui peuvent en bénéficier, et ceux au p...

Etude de l'AG du 04/05/2017

Non-tax deductible expenses amounted to € 161,483 (€169,134 in the previous financial year) i.e. 0.9% of consolidated net income. These amounts exceed our limit of € 100,000 and the Company has not provided a justification for them (resolution 1).The remuneration of Chairman and Chief Executive Officer Bertrand Dumazy for 2016 is excessive (resolution 5), as well as his proposed remuneration for the financial year 2017 (resolution 6).

Etude de l'AG du 04/05/2017

Proxinvest regrette que la société ait encore une fois associé l'approbation des charges non déductibles à l'approbation générale des comptes. Selon la politique de vote de Proxinvest, sauf lors de montants non significatifs inférieurs à 100 000 €, les dépenses non déductibles non détaillées par nature et nombre de bénéficiaires, non quantifiées, ou mal justifiées feront l’objet d’une opposition. Or pour l'exercice 2016, les dépenses non déductibles ont représenté 161 483 € (169 134 lors de l'exercice précédent) sans que la société n'apporte de justification (résolution 1). La rémunération du ...

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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