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Edenred: Oddo BHF cuts target price

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Edenred, but has lowered its target price from E62 to E56, in the wake of a reduction in its estimates for the group following the heavily punished H1 results.


Its positive fundamental view of the stock remains unchanged, however, underpinned by high growth prospects, still significant margin improvement potential and strong FCF generation at E900m per annum.

Oddo BHF also notes that Edenred's valuation has corrected very sharply since October 2023, and a 2025 P/E of 15x, suggests a 40% discount to its average over the last eight years and a 20% premium to Pluxee, which seems reasonable.


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