Edenred has announced total revenues of 685 million euros for the first quarter of 2024, up 21.4% (+20.5% on a comparable basis).

Following this announcement, UBS reiterates its Buy recommendation on the share and leaves its target price unchanged at E72, which represents a potential upside of 55%.

' Edenred posted solid results in the first quarter, with an increase in operating sales (+17%) and accelerating growth in Latin America (+22%)' says UBS.

Confident in maintaining a sustained pace of growth, Edenred confirms for 2024 the objectives of its Beyond 22-25 plan, namely organic EBITDA growth of over 12% and a FCF/EBITDA conversion rate of over 70%.

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