Edenred: Oddo maintains buy rating.

(CercleFinance.com) - Oddo has confirmed its "buy" rating on Edenred, along with its target price of 25 euros.


The broker expects the group to report robust Q1 results in organic terms, boosted by acquisitions.

It forecasts a 39.1% y-o-y leap in volumes issued, to 5.96 billion euros, along with organic growth of 10.8% on the back of a more favourable comparison basis in Brazil and a cyclical upturn - in addition to a favorable timetable - in France and Europe.

In addition, Oddo expects operating revenues to rise by 28.1% y-o-y to 298 million euros, and it expects the group to renew its medium-term targets, including organic growth in operating revenues of over 7% in 2017/2020, an organic growth in Ebit that is above 9% and organic growth of FFO that is above 10%. The broker thinks that these targets are conservative, in view of the group's performance recorded over the period 2010/2016.


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