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Edenred: Berenberg maintains 'sell' rating

(CercleFinance.com) - Berenberg maintains its "sell" recommendation on the Edenred share, along with its target price of 33 euros, considering that the share of the prepaid service group is trading at an "exaggerated multiple" given its growth.

The broker estimates that the share is trading at a 2020 P/E of 31.9x, along with a 2020 EV/EBITDA multiple of 23.7x, for average annual EPS growth that is estimated at 10.4% over 2020-2023.

"We think that this is an exaggerated multiple for a company where the majority of the business appears to be growing in the mid - to high single- digits," Berenberg says.

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