Edenred reported its Q3 FY2021 sales update, slightly ahead of market expectations. Operating revenue grew c.13% yoy underpinned by a recovery in business activity, and the rollout of new and existing solutions. Backed by the strong sales performance in 9M FY2021 to date, management upgraded its EBITDA guidance for the year. Overall, a strong update. We will revise upwards our estimates and target price, but retain our cautious stock recommendation.
25 Oct 2021
Better-than-expected Q3 update; FY EBITDA guidance raised
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Better-than-expected Q3 update; FY EBITDA guidance raised
- Published:
25 Oct 2021 -
Author:
Vansh Mehta | Nupur Gupta -
Pages:
3
Edenred reported its Q3 FY2021 sales update, slightly ahead of market expectations. Operating revenue grew c.13% yoy underpinned by a recovery in business activity, and the rollout of new and existing solutions. Backed by the strong sales performance in 9M FY2021 to date, management upgraded its EBITDA guidance for the year. Overall, a strong update. We will revise upwards our estimates and target price, but retain our cautious stock recommendation.