REAL-TIME GLOBAL RESEARCH
Pluxee:Résultats du T3 - La mise en œuvre progressive de la réglementation au Brésil...
Research evidence excerpt
Pluxee:Résultats du T3 - La mise en œuvre progressive de la réglementation au Brésil...
Employee segment, driven by digitalisation could have a positive impact on our PT: 1pp
higher organic growth than we estimate here could increase our PT by 4.0%. ii) higher efficiency than anticipated of the IT platform
could have a positive impact on the EBITDA margin, a 50bp higher margin would increase our PT by 1%.
RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION
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are suspended temporarily, are no longer current, and should therefore not be relied upon.
Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accurately
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