Crédit suisse maintains its Outperform recommendation and its price target of 65E on Edenred shares.

The announcement of the acquisition of Reward Gateway is noted by the broker for whom 'the advantage of the agreement lies in the revenue synergies, expected to amount to 50 million euros over a five-year period, and could add a further 2 to 3% increase in EPS'.

For the analyst, the risks are largely 'macroeconomic (fuel and currency volatility) with around 11% of operating revenues exposed to fuel prices'.

And explains its valuation: 'Our price target is based on 30x our 2024 EPS, a slight premium to EDEN's one-year historical average, 11x EV/EBITDA, below ~15x the one-year average.'

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