Edenred : Un derating récent qui nous semble injustifié au vu des fondamentaux toujours très solides
>Récent derating du titre dans un contexte de pression sur le secteur des paiements… - Edenred se traite actuellement sur un multiple de VE/EBITDA 2022e de 19.1x, soit une perte de près de 2 points sur les dernières semaines (multiple de 21x après la publication T3 21). Ce derating intervient dans un contexte de pression sur le secteur des paiements (-5 points de multiple pour les groupes offline). Plusieurs raisons expliquent ce derating sectoriel, dont : 1/ plusieur...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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