Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€65.00	Lxchf	Bbnzvszf

No Slowdown in Sight for Wide-Moat Edenred

Michael Field

Feb 21, 2023

Wide-moat Edenred signed off 2022 on a strong note, with EBITDA coming in at the top end of the recently upgraded guided range. However, even more exciting was the momentum prevalent in the business, with growth picking up further in the last quarter of the year. Although we will be updating our forecasts on the back of these results, we don’t expect that any upgrade to our EUR 50 fair value estimate will be material enough to change our view on the stock. At prevailing levels we believe the shares are fairly valued.

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