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Edenred: Morgan Stanley initiates at 'Equal-weight'

( - Morgan Stanley has initiated its coverage of the Edenred share with a "Equal-weight" rating and a target price of 45 euros, saying "we think Edenred's attractive, FCF generative business model is well positioned".

The broker considers that the business model of the prepaid services provider, "is well positioned for sustainable LT revenue (9% 19-22e CAGR) and EPS (11%) growth."

"However, with an expensive valuation (28x 20e P/E / 3.7% FCFY), and macro/competitive risks, we await a better entry point," it says.

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