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Edenred Estimates Cut at Goldman on Latam FX, Lowers to Neutral 2013-12-12 07:41:10.958 GMT
By Heather Burke Dec. 12 (Bloomberg) -- Edenred’s Latam exposure may boost organic growth, be largely offset by FX depreciation, Goldman says, cuts to neutral from buy. * Cuts 2014 EPS est. by 8%, 2015 by 16%, 2016 by 22%, mostly due to Goldman’s Latam economists’ FX estimates for Brazil, Venezuela * PT lowered to EU25.70 from EU27.50 (implies ~2% upside to yday close) * Organic issue vol. growth may rise 12.5%/yr 2014-2017 * NOTE: Latin America & Caribbean comprised ~49% of total 2012 rev., ~63% operating income: Bloomberg data * Stock up ~8.2% YTD vs SBF250 up 14% * NOTE Nov. 12: Edenred Raises Low End of Issue Vol. Organic Growth Target
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To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net