Edenred: back in the black, broker reiterates its recommendation
April 22, 2024 at 11:46 am EDT
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After dropping nearly 7% last Friday, Edenred has regained some of its color, gaining nearly 3% today.
The service and payment platform announced total revenues of 685 million euros for the first quarter of 2024, up 21.4% (+20.5% on a comparable basis).
Following this announcement, UBS has reiterated its Buy recommendation on the share and left its price target unchanged at E72, which represents a potential upside of 55%.
' Edenred posted solid results in the first quarter, with an increase in operating sales (+17%) and accelerating growth in Latin America (+22%)' says UBS.
Confident in maintaining a sustained pace of growth, Edenred confirms for 2024 the objectives of its Beyond 22-25 plan, namely organic EBITDA growth of over 12% and a FCF/EBITDA conversion rate of over 70%.
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Edenred SE is a leading digital services and payments platform and the everyday companion for people at work, connecting over 60 million employees and more than 2 million partner merchants in 45 countries via nearly 1 million corporate clients.
Edenred SE offers specific-purpose payment solutions for food (meal benefits), incentives (gift cards, employee engagement platforms), mobility (multi-energy, maintenance, toll, parking and commuter solutions) and corporate payments (virtual cards). These solutions enhance employee well-being and purchasing power, improve companies' attractiveness and efficiency, and vitalize the employment market and the local economy.
EDENRED SE 
