Sodexo: Oddo BHF reduces TP after Pluxee spin-off
(CercleFinance.com) - Oddo BHF confirms its "outperform" rating on Sodexo shares, having reduced its target price for them from E118 to E113, believing that the Pluxee spin-off (scheduled for 2024) and its rapid rerating offer powerful catalysts for the share.
With Sodexo set to publish its FY 23 results on 26/10 before the market opens, the analyst anticipates another year of strong post-pandemic growth.
Analysts expect 2023 sales of E23,845m (a bit above consensus of E23,723m), up 12.9% as reported, including 11.3% organic growth (a bit below consensus of 11.5%), suggesting +8.3%e in Q4, Oddo BHF says.
Sodexo is also expected to communicate differentiated 2024 guidance for OSS and Pluxee. At this stage, Oddo BHF expects organic growth of 7.7% for Sodexo over 2024e (consensus 6.3%), including +7.5% for OSS and +12.0% for Pluxee, with an EBIT margin of 5.8% (equal to consensus of 5.8%), including 5.0% for OSS and 32.8% for Pluxee.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
With Sodexo set to publish its FY 23 results on 26/10 before the market opens, the analyst anticipates another year of strong post-pandemic growth.
Analysts expect 2023 sales of E23,845m (a bit above consensus of E23,723m), up 12.9% as reported, including 11.3% organic growth (a bit below consensus of 11.5%), suggesting +8.3%e in Q4, Oddo BHF says.
Sodexo is also expected to communicate differentiated 2024 guidance for OSS and Pluxee. At this stage, Oddo BHF expects organic growth of 7.7% for Sodexo over 2024e (consensus 6.3%), including +7.5% for OSS and +12.0% for Pluxee, with an EBIT margin of 5.8% (equal to consensus of 5.8%), including 5.0% for OSS and 32.8% for Pluxee.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.