Increasing Our Edenred FVE to EUR 31 on the Back of Structurally Higher Growth
Wide-moat Edenred produced a strong first-quarter trading update, with like-for-like revenue up a whopping 14% year over year. The growth was broad-based across the three business lines, with the company having done an excellent job over the last few years in building and integrating a network of ancillary businesses, such as fleet solutions, that together now generate one third of group revenue and have lifted the top-line growth rate of the group. While we were positive on the transition throu...Edenred designs and delivers services to clients, companies or public sectors, enabling them to offer beneficiaries additional purpose-directed purchasing power, such as the Ticket Restaurant® meal voucher, and provides prepaid corporate services. Co.'s product offering ensures that allocated funds are used as intended, allowing its clients to manage: Employee benefits (Ticket Restaurant®, Ticket Alimentacion®, Ticket CESU, Childcare Vouchers®, etc.); Expense management process (Ticket Car®, Ticket Clean way®, Repom®, etc.); and Incentive and rewards programs (Ticket Compliments®, Ticket Kadeos®, etc.). Co. also supports public institutions in managing their social benefits programs.
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