📡 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 Image
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 Image
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% ImageImage
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. Image
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. Image

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More from @lucasmaruri

Feb 24
Russia-Ukraine conflict. What is going on?

This is a 21 bullet point recap of what has been happening in the conflict for the last 2 days.

👇🧵
1)Ukraine Invasion by Russian soldiers started this early morning Thursday feb 24th.

Vladimir Putin have launched what could be the largest conflict in Europe since the second world war (WWII).
2)Putin aim is “to demilitarize” the pro-independence of Donbass region, Eastern Ukraine (specifically Donetsk and Lugansk provinces).
Read 50 tweets
Feb 24
📡 ABInBev $ABI posted this morning 4Q & FY21 numbers.

FY21:
· Sales +15.6% LfL vs +14.7% CSS, with volumes +9.6% and prices +6%.
· EBITDA +11.8% LfL vs +11.4% CSS.
· Slowest growth in EBITDA than sales means margin compression.

$ABI.BE $BUD Image
4Q21:
· Sales +12% LFL (vs +9% CSS); being +4% vols and +8% pricing.
· EBITDA $4.9bn (-3.6% vs -5.2% CSS).

Positive commercial momentum, gaining share in main markets. Good evol of premium segment (better mix), partially offsets the pressure in raw materials and logistics costs.
· Net debt/EBITDA declined from 4.78X in 2020 to 3.96X in 2021 due to the bouble efffect of debt reduction and higher EBITDA. Still, the company is quite financially leveraged.
· It comes back to paying dividends, with a proposal of 50c/sh in charge of 2021 results.
Read 5 tweets
Feb 23
The Allianz Group is one of the leading integrated financial services providers worldwide.

How well do you know this company?
Do you understand insurance?

Here I will help you better understand the 8th largest company by market cap in the EuroStoxx50.

👇🧵

$ALV.DE $ALV $ALIZY Image
Allianz is the world's largest Property and Casualty (P&C) insurer.

Also it is a global leader in Life & Health and in Asset Management (owns PIMCO and Allianz Global Investors - With €2.4tn of Assets under Management at end 2020).
Operating Profit'20 by business:
· 38% non-life insurance
· 38% life insurance
· 24% asset management Image
Read 18 tweets
Feb 21
On Feb 17-18 many Eurozone companies reported numbers.

Let's do a quick recap of 6 of them:
1) Airbus
2) Hermès
3) Kering
4) Kingspan
5) Ubisoft
6) Teleperformance

(CSS=Consensus estimate)

🧵 Image
1) AIRBUS $AIR.PA $AIR $EADSY

4Q21
· Sales €16.9bn (€16.88bn CSS)
· EBIT adj. €1.49bn (€1.36bn CSS)
· EBIT Mgn 8.8% (8.1% CSS)
· FCF €1.2bn (€0.9bn CSS)

FY21
· Sales €52.1bn
· EBIT adj. €4.865bn (guided €4.5bn)
· FCF €3.5bn (guided €2.5bn) Image
🗣️
· Comercial Aviation EBIT was in line. Beat came from Defence&Space and Helicopters.
· FCF was helped by WC movements.
. Use of cash: increased dividends, support customer financing and may put money aside to reduce the €7bn pension deficit.
· Cautions on challenging ramp-up.
Read 19 tweets

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