Edenred: UBS cuts TP

(CercleFinance.com) - UBS maintains a Buy rating on the stock, but has reduced its target price to E46 (from E49), still representing 41% upside potential.


A detailed analysis shows that the implementation of Edenred's 'Beyond' strategic plan should enable a CAGR of around 15% to maintain operating sales growth of 10% (excluding Italy) in 2025/2026e, UBS says.

The group has confirmed its EBITDA growth target of at least 10% LFL in 2025, taking into account potential changes in the regulatory environment in Italy, and has reiterated its ambition to achieve total revenues of over E5bn in 2030.


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