Financials Edenred SE

Equities

EDEN

FR0010908533

Business Support Services

Real-time Euronext Paris 12:58:19 19/06/2024 BST 5-day change 1st Jan Change
40.73 EUR +0.27% Intraday chart for Edenred SE -6.54% -24.77%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,216 11,408 10,107 12,680 13,495 10,113 - -
Enterprise Value (EV) 1 12,506 12,523 10,923 12,987 14,595 10,763 10,186 9,320
P/E ratio 35.7 x 47.8 x 34.1 x 34.8 x 53.6 x 19.8 x 17.2 x 15 x
Yield 1.89% 1.62% 2.22% 1.97% 2.03% 3.05% 3.26% 3.71%
Capitalization / Revenue 6.9 x 7.79 x 6.21 x 6.24 x 5.37 x 3.5 x 3.15 x 2.87 x
EV / Revenue 7.69 x 8.55 x 6.71 x 6.39 x 5.81 x 3.72 x 3.17 x 2.65 x
EV / EBITDA 18.7 x 21.6 x 16.3 x 15.5 x 13.3 x 8.58 x 7.31 x 6.1 x
EV / FCF 34.1 x 20.4 x 22.3 x 14.7 x 16.1 x 9.93 x 9.28 x 9.12 x
FCF Yield 2.93% 4.9% 4.49% 6.78% 6.2% 10.1% 10.8% 11%
Price to Book -9.35 x -9.28 x -11.6 x -17.6 x -19.9 x -21.7 x -69.3 x 48 x
Nbr of stocks (in thousands) 243,291 245,817 249,135 249,207 249,257 248,956 - -
Reference price 2 46.10 46.41 40.57 50.88 54.14 40.62 40.62 40.62
Announcement Date 26/02/20 02/03/21 22/02/22 21/02/23 27/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,626 1,465 1,627 2,031 2,514 2,893 3,214 3,522
EBITDA 1 668 580 670 836 1,094 1,255 1,394 1,527
EBIT 1 545 455 538 687 901 1,029 1,149 1,270
Operating Margin 33.52% 31.06% 33.07% 33.83% 35.84% 35.58% 35.76% 36.07%
Earnings before Tax (EBT) 1 499 390 494 605 534 838.6 960.6 1,102
Net income 1 312 238 313 386 267 541 625.9 719.5
Net margin 19.19% 16.25% 19.24% 19.01% 10.62% 18.7% 19.48% 20.43%
EPS 2 1.290 0.9700 1.190 1.460 1.010 2.050 2.362 2.713
Free Cash Flow 1 367 614 490 881 905 1,083 1,098 1,022
FCF margin 22.57% 41.91% 30.12% 43.38% 36% 37.45% 34.17% 29.01%
FCF Conversion (EBITDA) 54.94% 105.86% 73.13% 105.38% 82.72% 86.33% 78.79% 66.91%
FCF Conversion (Net income) 117.63% 257.98% 156.55% 228.24% 338.95% 200.28% 175.45% 142.01%
Dividend per Share 2 0.8700 0.7500 0.9000 1.000 1.100 1.238 1.325 1.509
Announcement Date 26/02/20 02/03/21 22/02/22 21/02/23 27/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q4 2023 S2 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 S1 2025 S2
Net sales 1 849 696 769 757 405 870 439 482 922 1,109 557 606 1,163 717 1,351 729 1,411 734 828 1,535 1,546 1,676
EBITDA 358 255 325 295 - - - - 365 471 - - 483 - 611 - 583.5 - - 684.1 - -
EBIT 296 192 263 232 - - - - 295 392 - - 399 - - - 480 - - 568 - -
Operating Margin 34.86% 27.59% 34.2% 30.65% - - - - 32% 35.35% - - 34.31% - - - 34.02% - - 36.99% - -
Earnings before Tax (EBT) - - - - - - - - 270 - - - - - - - 411 - - 460 - -
Net income 166 - - - - - - - 170 - - - 202 - - - 283 - - 318 - -
Net margin 19.55% - - - - - - - 18.44% - - - 17.37% - - - 20.06% - - 20.71% - -
EPS - - - - - - - - 0.6400 - - - 0.7600 - - - 0.9700 - - 1.110 - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 26/02/20 27/07/20 02/03/21 27/07/21 21/10/21 22/02/22 21/04/22 26/07/22 26/07/22 21/02/23 20/04/23 25/07/23 25/07/23 27/02/24 27/02/24 - - - - - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,290 1,115 816 307 1,100 651 73.4 -
Net Cash position 1 - - - - - - - 792
Leverage (Debt/EBITDA) 1.931 x 1.922 x 1.218 x 0.3672 x 1.005 x 0.5185 x 0.0527 x -
Free Cash Flow 1 367 614 490 881 905 1,083 1,098 1,022
ROE (net income / shareholders' equity) -22.7% -19.7% - - - -91.3% 62.2% 260%
ROA (Net income/ Total Assets) 3.86% 2.6% 3.17% 3.59% 2.18% 4.28% 4.65% 5.06%
Assets 1 8,078 9,157 9,875 10,748 12,234 12,640 13,458 14,224
Book Value Per Share 2 -4.930 -5.000 -3.500 -2.880 -2.730 -1.870 -0.5900 0.8500
Cash Flow per Share 2 1.920 2.930 2.300 3.830 4.140 3.760 3.800 3.940
Capex 1 98 104 114 151 190 215 238 259
Capex / Sales 6.03% 7.1% 7.01% 7.43% 7.56% 7.44% 7.41% 7.34%
Announcement Date 26/02/20 02/03/21 22/02/22 21/02/23 27/02/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
40.62 EUR
Average target price
62.51 EUR
Spread / Average Target
+53.88%
Consensus
1st Jan change Capi.
-24.77% 10.86B
+12.53% 87.47B
-3.73% 61.84B
-19.97% 38.4B
-27.39% 23.54B
-10.67% 17.74B
-21.91% 9.03B
-23.85% 7.87B
-12.93% 7.1B
+4.43% 4.86B
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