Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€67.00	Qycr	Kkwnkhdjj

Wide-Moat Edenred Buoyed by Market Conditions in Third Quarter

Michael Field

Oct 20, 2022

Wide-moat Edenred can certainly be labelled one of the few winners of 2022, with many companies globally succumbing to the pressures of inflation and rising interest rates. The firm reported organic revenue growth of close to 20% and upgraded its full-year earnings expectations to the tune of 4%. Although we will adjust our numbers on the back of this strong update, we do not expect this to have a major impact on our EUR 50 fair value estimate. Following the recent rally, we believe the shares are now up with events.

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