Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€78.00	Kfqzl	Czdtgwhy

Wide-Moat Edenred Back on the Road in 2021

Michael Field

Feb 22, 2022

Wide-moat Edenred finished 2021 strongly, posting organic revenue growth of 14%. This brings it almost exactly back to precoronavirus levels on the top and bottom line. This tees them up nicely for 2022, with Edenred’s model benefiting from economic trends such as high inflation and lower unemployment. We do not intend to make any material changes to our numbers on the back of this update, and reiterate our EUR 46 fair value estimate. We see attractive upside potential from the prevailing share price.

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