Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€27.00	Hgzzb	Xrccctlc

Open Roads for Edenred in Q1

Michael Field

Apr 21, 2022

Wide-moat Edenred’s strong finish to 2021 continued into this year, with organic revenue up more than 15% in the first quarter. While management simply reaffirmed its guidance for operating revenue growth of “more than 8%” for the full year, we forecast revenue growth closer to midteen levels for 2022 as the catch-up effect from the pandemic feeds through. We reiterate our EUR 50 fair value estimate. Given the rally in the share price over the last month we view the shares as currently fairly valued.

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