Edenred's NASDAQ:EDEN second-quarter revenue results show that the company continues to experience strong growth. Issue volume grew 9.8% year over year, with growth of about 20% in Latin America and other emerging markets more than compensating for marginal growth in the company's more mature European markets. The company's float revenue increased nicely, but remains at fairly depressed levels given the low interest rate environment, and currency effects had a small negative impact. Overall, this led to total revenue growth of 8.6% year over year, a further demonstration of the company's ample growth opportunities as it further penetrates its non-European markets. While the company did not release any numbers below the top line, we don't expect any surprises on that front when the complete numbers are released. We are maintaining our fair value estimate, as the company is tracking in line with our full-year expectations.
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