Edenred S.A. (EDEN.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+197.3%

€71.16

vs €23.94 price

Levered DCF

€107.27

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.29

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.67×	15.34×	50.6×	32.83×	32.2×	47.85×	35.46×	30.01×
P/B	-4.89×	-8.58×	-19.86×	-17.64×	-10.55×	-9.22×	-9.3×	-4.86×
P/S	1.65×	2.73×	5.83×	6.52×	6.35×	7.97×	7.07×	5.72×
EV / EBITDA	6.29×	9.11×	18.92×	16.12×	15.31×	18.75×	17.81×	17.22×
Gross margin	52.4%	59.9%	41.2%	54.2%	52.0%	49.9%	51.7%	41.2%
Operating margin	31.6%	36.4%	30.5%	31.0%	31.3%	29.3%	32.2%	31.0%
Net margin	19.1%	17.8%	11.6%	19.9%	19.8%	16.7%	19.9%	19.1%
Current ratio	0.84×	0.85×	0.92×	0.99×	0.98×	0.94×	0.86×	0.9×
Debt / equity	-5.02×	-5×	-6.18×	-4.23×	-3.66×	-2.68×	-2.47×	-1.61×
Interest coverage	3.96×	15.07×	4.77×	6.34×	6.28×	5.15×	6.16×	5.89×
Dividend yield	6.4%	3.5%	1.8%	1.8%	0.6%	0.5%	0.6%	1.8%
Payout ratio	55.5%	53.5%	93.3%	58.0%	19.2%	25.2%	19.9%	53.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-56.5%	-55.8%	-39.3%	-53.8%	-32.8%	-19.3%	-26.2%	-16.3%
Return on invested capital	13.9%	16.7%	9.8%	14.4%	12.0%	11.6%	14.8%	24.1%
Return on assets	3.8%	3.8%	2.0%	3.5%	3.0%	2.5%	3.5%	3.5%
Free cash flow yield	20.0%	10.4%	6.4%	4.6%	2.7%	12.2%	6.8%	5.7%
Earnings yield	11.6%	6.5%	2.0%	3.0%	3.1%	2.1%	2.8%	3.3%
Enterprise value	€7.3B	€10.7B	€16.3B	€12.1B	€9.6B	€10.9B	€11.2B	€8.8B
Net debt / EBITDA	2.38×	2.47×	3.3×	-0.75×	-0.7×	-0.7×	0.13×	2.3×
Cash conversion cycle (days)	-52	-151	14	199	254	189	433	424