Edenred: UBS reiterates buy rating

(CercleFinance.com) - Edenred has announced total revenues of E685m for Q1 2024, up 21.
4% (+20.5% on a comparable basis).

Following this announcement, UBS reiterates its Buy recommendation on the share, leaving its target price unchanged at E72, which represents upside potential of 55%.

UBS says that Edenred posted solid Q1 results, with operating sales up (+17%) and accelerating growth in Latin America (+22%).

Confident in maintaining a sustained pace of growth, Edenred confirms for 2024 the targets of its Beyond 22-25 plan, i.e. organic EBITDA growth of over 12% and a FCF/EBITDA conversion rate of over 70%.


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