Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€27.00	Dxflq	Dcbsqbln

Edenred: Organic Revenue Growth Accelerates

Michael Field

Apr 20, 2023

With Edenred's organic revenue growth of almost 26%, one could be forgiven for assuming that comparative sales numbers this time last year were weak. However, this was not the case, with growth in the first quarter of the year simply a reflection of the momentum behind the business currently. We reiterate our EUR 50 fair value estimate. However, given the rally in the share price over the last month we view the shares as fairly valued.

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