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Elior: UBS confirms buy rating.

(CercleFinance.com) - This morning UBS confirmed its buy rating advice on the French contract catering group Elior, whose FY 2016/2017 accounts have been sanctioned by the market on the Paris Stock Exchange this morning.
The Swiss broker maintains its 12-month target price at 23 euros.

According to analysts, Elior's publication is not surprising - at least as regards 2016/2017 turnover (6.4 billion euros, as expected by UBS) and organic growth excluding the voluntary termination of contracts (3.6%, idem), after the profit warning launched by the group. On the other hand, net income has come in at 176 million euros, while UBS was looking for 195 million euros. At issue: greater than expected amortisation and financial expenses.

What about forecasts provided by Elior for 2017/2018? UBS says that they are in line with current expectations. Elior is targeting like-for-like growth of over 3%, while the consensus expects 3.4%.

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