Edenred: Potential Take-Private Approach – Supportive Near-Term Catalyst

研报英文原文证据摘录

Edenred: Potential Take-Private Approach – Supportive Near-Term Catalyst

Equity Research

European Leisure

18 June 2026

Edenred

Potential Take-Private Approach –

Supportive Near-Term Catalyst

We view the newsflow as a potential re-rating catalyst and EDEN.PA/EDEN FP EQUAL WEIGHT

supportive of near-term valuation, even absent concrete European Leisure NEUTRAL

transaction terms. A take-private scenario could provide Price Target EUR 22.00

Price (17-Jun-26) EUR 20.68

Edenred with greater strategic flexibility to navigate Potential Upside/Downside +6.4%

regulatory/legal challenges and step up investment to Source: Bloomberg, Barclays Research

counter competition

Pravin Gondhale

News: Media reported this morning that UK-based private equity firm BC Partners is considering +44 (0)20 3134 5524

a potential take-private acquisition of Edenred and has approached four funds to form a pravin.gondhale@barclays.com

consortium. Edenred has since confirmed that it has been approached by investment funds, Barclays, UK

although no further details were disclosed. Importantly, there are no valuation details Jaina Mistry, CFA

available at this stage. (link to Bloomberg article here). +44 (0)20 7773 3321

jaina.mistry1@barclays.com

Our Take: While early-stage, we view this development as supportive for Edenred’s as well as Barclays, UK

the sector's valuation in the near term, as it highlights potential strategic and financial

Karan Khona

investor interest at current levels. Edenred/Pluxee shares are up c15%/c6% following the +91 (0)22 6175 1634

newsflow vs. CAC40 flat. karan.khona@barclays.com

Barclays, UK

Edenred’s valuation has been depressed in recent years, with shares currently trading at c9x

2027E EV/EBITDA and c10x P/E,1 well below the pre-COVID average of c16x EV/EBITDA and c23x

P/E.