Edenred reported Q3 15 results in line with our expectations. Total revenue for 9M was up 6.8% on a lfl basis; however, on a reported basis, revenue was up 5.6% to €782m (post negative currency impact of -4.6% and +3.4% scope effect); this compares to our FY 15 estimate of €1,031m. On Issue Volume (IV), Edenred posted a growth of 8.7% in 9M and 7% in Q3 on a lfl basis (vs. our FY15 estimate of 8.1%), helped by better growth in Europe (3.7% in 9M and 4.1% in Q3). While rising unemplo
14 Oct 2015
Q3 in line; LatAm leverages Expense Management potential
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Q3 in line; LatAm leverages Expense Management potential
Edenred SA (EDEN:WBO) | 0 0 1.2% | Mkt Cap: 6,153m
- Published:
14 Oct 2015 -
Author:
Vibha Issar -
Pages:
2
Edenred reported Q3 15 results in line with our expectations. Total revenue for 9M was up 6.8% on a lfl basis; however, on a reported basis, revenue was up 5.6% to €782m (post negative currency impact of -4.6% and +3.4% scope effect); this compares to our FY 15 estimate of €1,031m. On Issue Volume (IV), Edenred posted a growth of 8.7% in 9M and 7% in Q3 on a lfl basis (vs. our FY15 estimate of 8.1%), helped by better growth in Europe (3.7% in 9M and 4.1% in Q3). While rising unemplo