I’m initiating a small position in Edenred (EDEN.PA). After a period of share-price weakness, the setup looks appealing: a two-sided network with real switching costs, expanding use cases across employee benefits, fleet & mobility, and corporate payments, and a solid growth runway. At these depressed levels, the combination of network effects and reinvestment opportunities makes Edenred an interesting candidate for patient capital. I’m keen to stress-test the thesis—open to both bullish and bearish views, especially on regulation, competitive intensity, and margin durability.
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Are you taking any actions considering the radical move today?
Clearly undervalued to me. I fail to understand the target price of 22 given by an analyst 10 days ago.