Edenred published Q3 FY17 trading results below our estimates as well as market consensus. All growth numbers are on a lfl basis, unless specified otherwise. Operating revenue grew by 7.0% (vs Q2: 7.2% and Q1: 10.0%), which was 300bp below our estimate. Employee benefits (64% of group sales) came in at 3.7% during the quarter (vs Q2: 5.6%, Q1: 6.7% and FY16: 7.6%), largely due to the high unemployment rate in Brazil and challenging conditions in Venezuela (ongoing economic and political crise
30 Oct 2017
Europe remains strong; Brazilian economy at inflection point
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Europe remains strong; Brazilian economy at inflection point
Edenred SA (EDEN:WBO) | 0 0 1.2% | Mkt Cap: 6,153m
- Published:
30 Oct 2017 -
Author:
Ankush Kathuria -
Pages:
3
Edenred published Q3 FY17 trading results below our estimates as well as market consensus. All growth numbers are on a lfl basis, unless specified otherwise. Operating revenue grew by 7.0% (vs Q2: 7.2% and Q1: 10.0%), which was 300bp below our estimate. Employee benefits (64% of group sales) came in at 3.7% during the quarter (vs Q2: 5.6%, Q1: 6.7% and FY16: 7.6%), largely due to the high unemployment rate in Brazil and challenging conditions in Venezuela (ongoing economic and political crise