Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€24.00	Rrwql	Thtyzyhr

Wide-Moat Edenred Inflates Its Way to Growth in the First Half

Michael Field

Aug 25, 2022

The first half of year has been kind to wide-moat Edenred, with revenue up 18% on a like-for-like basis, and EBITDA running ahead of this, indicative of the operating leverage within the business. Inflation has once again been a boost here, but to what level of inflation this relationship can hold up remains to be seen. We do not expect to make any immediate changes to our forecasts on the back of this update and reiterate our EUR 50 fair value estimate. We view the shares as moderately attractive at these levels.

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