Just the Ticket for Wide-Moat Edenred in Third Quarter

Having lapped the easy comparatives of 2020 in the first half of the year, the third quarter was always going to be trickier. Wide-moat Edenred has stood up to the challenge however, producing revenue growth of almost 13% and tightening its guidance for operating profit for the full year. The company now expects to deliver in the upper half of the EUR 620 million-670 million range. We do not expect to make any major changes to our forecasts on the back of this update, and reiterate our EUR 42 fair value estimate. In light of the recent rallies in the share price there is little value to be had currently.