Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€31.00	Vklh	Skfdwjj

Eden Earnings: Solid Momentum Points to a Strong 2024

Michael Field

Feb 27, 2024

Edenred closed out 2023 in a strong position. Organic revenue growth was north of 23% year over year, with EBITDA up more than 30%, reflecting strong margin growth. Full-year guidance points to another strong 2024 with EBITDA growth of more than 12%. Despite the recent fall in the share price on the back of legal concerns in Italy, we reiterate our EUR 76 fair value estimate and see the shares as attractive.

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