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Edenred SA EDEN

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Morningstar’s Analysis

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Just the Ticket for Wide-Moat Edenred in Third Quarter

Michael Field, CFA Senior Equity Analyst

Analyst Note

| Michael Field, CFA |

Having lapped the easy comparatives of 2020 in the first half of the year, the third quarter was always going to be trickier. Wide-moat Edenred has stood up to the challenge however, producing revenue growth of almost 13% and tightening its guidance for operating profit for the full year. The company now expects to deliver in the upper half of the EUR 620 million-670 million range. We do not expect to make any major changes to our forecasts on the back of this update, and reiterate our EUR 42 fair value estimate. In light of the recent rallies in the share price there is little value to be had currently.

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Company Profile

Business Description

Edenred is a France-listed prepaid corporate services provider operating in 46 countries. The company was listed in 2010 following a spin-off from hotel group Accor. Edenred's main business, Ticket Restaurant, offers prepaid meal vouchers that employers provide to their employees as an additional benefit. The company is also involved in other areas such as prepaid fuel cards and payment and expense-management systems.

14-16 boulevard Garibaldi
Issy-les-Moulineaux, 92130, France
T +33 174317500
Sector Financial Services
Industry Credit Services
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 8,834