Political and Regulatory Risk Continue to Weigh on Wide-Moat Edenred; Shares Remain Undervalued

Edenred’s core services are meal vouchers and fuel cards, but it also provides “beyond” services such as wellness benefits and EV charging stations. These markets are highly concentrated, with Pluxee as the only genuine global competitor. Edenred generates 70% of its revenue from countries where it is the leader and can leverage its strong network of merchants and clients to offer the best offerings to both.