Edenred SE

EDEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€87.00	Hxnb	Lhktxvxnx

Edenred Earnings: Inflation and High Interest Rates Are the Perfect Combination

Michael Field

Jul 25, 2023

Strong revenue growth continued over from the first quarter into the second for wide-moat-rated Edenred, posting an organic number for the first half of almost 26%. Operating revenue growth got a welcome boost from higher interest rates, which generates higher returns on cash on deposit. Management have nailed down a full-year EBITDA target of EUR 1.055 billion at the midpoint, which represents 26% growth on 2022. With the shares still tracking moderately below out EUR 69 fair value estimate, we still see upside potential here.

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