UBS confirms its buy recommendation on the share, but lowers its target price to E73 (from E78), which represents a potential upside of 55%.

' Edenred's results are in line, EBITDA performance is solid, but the Italian survey is weighing. While we thought Edenred's operating performance in Q4 2023 and H2 2023 was solid, performance does not seem to matter much in the context of the ongoing Italian investigation and the company's response' says UBS.

Edenred has confirmed its Beyond 22-25 targets for 2024, namely organic EBITDA growth of over 12% and a free-cash-flow/EBITDA conversion rate of over 70%.

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