(News Bulletin 247) – Oddo BHF reaffirms its ‘outperformance’ opinion on Edenred with a price target raised from 64.5 to 68 euros, the day after the announcement of the strategic acquisition of Reward Gateway, ‘a quality asset ‘ and ‘in line with the growth strategy’.
If he recognizes that the multiple of acquisition “may appear facially high”, the research department highlights the financial metrics of the target which are “very solid, on a promising market”.
“The year 2023 should again be a buoyant year for Edenred, with significant catalysts (raising the consensus, significant M&A) which are not reflected in the current price”, he judges more broadly.
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