Jefferies has maintained its hold rating on Edenred, with a price target of €17.70, following the release of the 2025 results.
Revenue rose by 3% year-on-year in the fourth quarter on a like-for-like basis (+8% quarter-on-quarter) to reach €784 million, which is 1% above forecasts.
Jefferies also notes that operating profit increased by 2.7%, which is 1% below forecasts (+3.2%) but higher than Jefferies' own estimate (+1.4%).
According to the analyst, excluding Italy, like-for-like operating EBITDA increased by 200 basis points quarter-on-quarter to reach 10%.
Jefferies highlights that the 2026 guidance for a "decline in LFL EBITDA of -8% to -12%" (consensus: -10%) has been confirmed, despite the suspension of the Brazilian decree.
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.
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
-
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
-
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
-
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
