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Free AccessEdenred (NR, A-) vs. Pluxee (NR, BBB+; S)
Two biggest employee benefits providers are expected to see healthy growth ahead by analyst; Edenred's history and strong guidance for this year by both back that. Balance sheet's are low levered for now yet cash curves trade wide (3y+). Edenred is the preferred name on the net of below. PLXFP28's & EDENFP29's (both at Z+77/3.7%) screen cheapest on their curves.
- On ratings; we don't read too much on the one-notch difference; both have headroom, medium-term BS likely to be more dependent on acquisitions and how well they integrate those.
- On interest rates; Pluxee more exposed - Float EBITDA estimated at 25% by analyst (vs. Edenred's 11%). Pluxee has reportedly disclosed sensitivity to global rates at 100bps to €24m on revenue - that's sizeable vol given float revenue in 1H at €75m and group EBITDA at €200m. Also note sizeable exposure to EM countries (Brazil ~30%). FYI float here refers to interest on cash balances pre-loaded by clients on cards/accounts.
- On regulation; key issue in these markets (employee benefits tax exempt) with again Pluxee more exposed (~85% vs. 60%) given pure play employee benefits v.s. Edenred also operates in fleet & mobility (including fuel retail). Regulation impact dependent on country that comes into focus - France larger for Edenred vs. Pluxee etc.
- On forecasts; similar growth rates expected in-near term but Edenred does have larger scale (3x+ the FCF), more history (as a standalone) & higher EBITDA margins. Both are high cash conversion businesses (>70% on EBITDA).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.