Added to YB: 2026-05-20
Pitch date: 2026-03-11
EDEN.PA [bullish]
Edenred SE
+60.63%
current return
Author Info
No bio for this author
Company Info
Edenred SE operates as a digital platform for services and payments for companies, employees, and merchants worldwide.
Market Cap
EUR 6.6B
Pitch Price
EUR 17.48
Price Target
N/A
Dividend
4.65%
EV/EBITDA
7.61
P/E
13.85
EV/Sales
3.08
Sector
Financial Services
Category
value
Edenred SE - $EDEN.PA
EDEN.PA: Global employee benefits & payments co at sub-10x earnings, mid-teens FCF yield. Italy/Brazil regulatory caps cut €320M EBITDA (~25% of '24), but unique to those markets (negative corp commissions, high merchant fees). PF regulation: meal ~40% EBITDA, no country >10%. Benefits & Engagement (70% EBITDA) has lower reg risk, closed-loop network moats, oligopolistic structure, 95%+ retention. Tailwinds: rising face values, SME penetration (10% France, 5% Italy), cross-sell 60M+ users. Trades 9.7x '27 EPS vs 25.5x 5Y median. Risks: poor M&A track record (overpaid for Reward Gateway), persistent reg risk, AI impact on white-collar jobs, float income quality. Catalysts: reg overhang easing, HSD+ EBITDA growth, 7.3% div yield + buybacks.
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