Wide-Moat Edenred Delivers a Solid First Half
Wide-moat Edenred, operator of the popular Ticket Restaurant program, delivered first-half results in line with our expectations for the full year. While headline revenue rose by almost 24% year over year, like-for-like revenue growth was strong at 8.2%, above management’s target of 7% annually. We do not expect to make any changes to our estimates or to our EUR 21 fair value estimate on the back of these results.Edenred’s primary business, benefits and reward services, which includes Ticket Re...
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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