Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€34.00	Cmctq	Skmgbql

Edenred Earnings: Wide-Moat Edenred Motors Into 2024

Michael Field

Apr 18, 2024

Wide-moat Edenred produced a strong start to 2024, despite investors’ concerns over the last few months that have sent the share price tumbling. Organic revenue growth was north of 20% in the first quarter, which, even stripping for interest income, came to almost 17%—a solid result. Management is sticking with its previous full-year guidance, and we maintain our EUR 76 fair value estimate. We see the shares as attractive from here.

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