Edenred: Stifel still buying after 2024 results

(CercleFinance.com) - Stifel confirms its buy recommendation on the stock, with an unchanged TP of E43, following Edenred's 2024 results.


Edenred had a mixed H2 2024, with a continued slowdown in the rate of growth of operating sales in Q4, offset by a higher-than-expected increase in its EBITDA margin, Stifel notes.

We see its H2 2024 results as a model for 2025, with lower sales growth than in previous years, although solid net income, with strong operating EBITDA margins, the broker adds.

Management has reiterated its forecasts for 2025, i.e. EBITDA growth of at least 10% on a comparable basis, and a FCF/EBITDA conversion rate of over 70%.


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