Edenred SE: Company approached by investment funds. We move to no rating

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Edenred SE: Company approached by investment funds. We move to no rating

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Edenred SE

Company approached by investment funds.

We move to no rating

Rating Change: NO RATING | PO: NA | Price: 20.68 EUR

Edenred approached by investment funds 18 June 2026

French media reported this morning that private equity firm BC Partners was mulling a Equity

potential takeover of Edenred and that it had approached four funds, including PSP

Investments, to create a possible consortium. Edenred confirmed that it had been

Key Changesapproached by investment funds, “there is no certainty regarding the continuation of

their interest or the existence of a possible transaction, and Edenred remains focused on (EUR) Previous Current

executing its strategy and creating value for all of its stakeholders.” Shares have reacted Inv. Opinion B-3-7 -6-

positively (+16% intraday). As a result we believe the stock is no longer trading on the Inv. Rating UNDERPERFORM NO RATING

basis of fundamentals and we move to No Rating. Investors should no longer rely on our Price Obj. 20.00 NA

previous fundamental equity opinion or price objective. 2026E EPS 1.98 1.99

2027E EPS 2.31 2.32

2028E EPS 2.64 2.66DD% FCF yield could be attractive to PE investors

Edenred cashflow could be attractive to PE investors – after the transition year of 2026E DPS 1.33 1.34

FY26E we see FCF to return to c.€800m level in FY27E, indicating mid-teens% FCF yield.

Under the current public listing condition, the company has been running a progressive Kate Xiao, CFA >>

Research Analyst

dividend policy (dividend yield ~6%), with limited buybacks (€125m done in FY25). A MLI (UK)

private equity investor could see the possibility of increased cash return potential from +44 20 7996 3051 kate.xiao2@bofa.com