In a research note, the German bank explained that it has revised its earnings estimates for the inventor of the Ticket Restaurant downward by 1.3% to 2.3% for the 2026-2028 period, keeping its forecasts in line with consensus expectations.
According to the German institution, the specialist in employee benefits and professional mobility services is currently in a transition phase, driven by ongoing regulatory changes in Brazil and Italy.
Estimates revised downward, but potential remains intact
Deutsche Bank nevertheless stated that it expects Edenred to generate 1.1% organic revenue growth in the first quarter, even though reported activity is expected to decline by 1.2% due to unfavorable currency effects.
Revenue is thus expected to reach approximately 715 million euros, according to its calculations, which is above the average market forecast of 703 million euros.
Regarding its outlook, the group is expected to confirm its target of an EBITDA decline between 8% and 12% on a like-for-like basis, corresponding to intrinsic EBITDA growth ranging from 8% to 12%, accompanied by an intrinsic free cash flow-to-EBITDA conversion rate of at least 65%.
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 44 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.
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