Edenred：BC Partners a déclaré rechercher un partenaire pour déposer une offre à 27-28€ par titre

研报英文原文证据摘录

Edenred：BC Partners a déclaré rechercher un partenaire pour déposer une offre à 27-28€ par titre

Benefits & Engagement segment driven by PME penetration could have a positive impact on our

PT: 1pp higher organic growth than we estimate here could increase our PT by €0.5. ii) A higher increase than we expect in the

Mobility segment driven by additional solutions (tolls, maintenance) in an underpenetrated market or fuel price increase could

increase our PT.

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EQUITY RATINGS DEFINITIONS

Bernstein brand

The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for

stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap Price

Return Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia

Pacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese

exchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian

(ex-Japan) exchanges -unless otherwise specified.

The Bernstein brand has three categories of ratings:

• Outperform: Stock will outpace the market index by more than 15 pp

• Market-Perform: Stock will perform in line with the market index to within +/-15 pp

• Underperform: Stock will trail the performance of the market index by more than 15 pp

Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targets

are suspended temporarily, are no longer current, and should therefore not be relied upon.

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