📡 Edenred stock up +6% today.
Very good set of results released this morning at 7am CET. Outlook 2022 is also out.
Let's review them in 3 tweets and elaborate a conclusion on them!
🧵👇
$EDEN.PA $EDEN
FY 2021
· Revenue €1,627m (1% above CSS)
· Operating revenue LFL +13.9% (vs +13.1% CSS)
· EBITDA €670m (2% above CSS).
· Strong FFO €556m (+20%YoY) meant fast delevering (1.2x ND/EBIDA)
Despite less favourable comps in Q4, #EDENRED posted 12.4% operating revenue LFL growth
All segments and regions contributed to this performance with double-digit LFL growth, and Edenred benefited from strong sales momentum in the SME market.
· Employee Benefits +12%
· Fleet and Mobility +20%
· Complementary Solutions +11%
· Europe +12%
· LatAm +18%
· RoW +17%
Outlook 2022:
· Oper. Revenue >+8%
· EBITDA > +10%LFL
· FCF/EBIDA conversion >65%
Edenred is confident in its capacity to maintain sustained organic growth in all geographies and segments. Also it confirmed its continued transition towards fully digital solutions.
Takeaways:
·Very strong growth across the board, which draws the quality of the business momentum.
·Ebitda Margins back at pre-covid levels (41%).
·Very strong FCF (77% of conversion from EBITDA).
·Stong outlook22
·Strong BSheet that allows M&A/Higher shareholder remuneration.
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