First Read: Compass Group "Best of Europe Virtual Conference 2026 - Feedback"

研报英文原文证据摘录

First Read: Compass Group "Best of Europe Virtual Conference 2026 - Feedback"

Global Research

13 May 2026ab

First Read

EquitiesCompass Group

Best of Europe Virtual Conference 2026 - United Kingdom

Feedback Recreational Products & Services

12-month rating Buy

12m price target US$39.75

Compass at the Best of Europe Virtual Conference 2026

We hosted Simon Bielecki, Investor Relations Director, today for group meetings.

Price (12 May 2026) US$31.93

Key takeaways RIC: CPG.L BBG: CPG LN

Compass IR signalled continued underlying momentum, with strong new business

Trading data and key metrics

driven by first-time outsourcing and an improving margin trajectory supporting a recent

52-wk range US$36.32-27.09

guidance upgrade, although the same level of year on year progression seen in the first

Market cap. US$54.2b

half of the year is not expected repeat in the second half. The group highlighted good

visibility into stronger net new in the second half despite a weather-related Q2 dip. Shares o/s 1,697m (ORD)

Free float 100%

Avg. daily volume ('000) 4,882

The tone on longer term margins progression was constructive, with a mix of

Avg. daily value (m) US$141.8

operational leverage, technology rollout and M&A synergies supporting it. Capital

allocation is shifting to smaller, more targeted M&A, with bolt-ons in vending in the US Common s/h equity (09/26E) US$8.74b

and GPOs in Europe a particular focus (the recent acquisition of a GPO in Germany has P/BV (09/26E) 6.2x

significantly increased the group's purchasing power in the region which should support Net debt to EBITDA (09/26E) 1.4x

margin expansion). The group is above its target leverage range following some large EPS (UBS, diluted) (USX)

scale acquisitions but buybacks could be looked at in time. UBS Cons.

09/26E 147.49 146.30