Elior Group: H1 26 results: Another disappointment

研报英文原文证据摘录

Elior Group: H1 26 results: Another disappointment

Barclays | Elior Group

therefore view a macro slowdown as a key risk to earnings. Upside risks: 1) stronger organic and margin growth leading to higher FCF generation, 2)

further cash returns to shareholders, 3) a potential bid for the group. Downside risks: 1) margin weakness, 2) slower-than-expected organic growth, 3)

increase in capital intensity, 4) a covenant breach resulting in high interest costs in case of further covenant holiday extension.

Disclaimer:

This publication has been produced by Barclays Research Department in the Investment Bank of Barclays Bank PLC and/or one or more of its affiliates

(collectively and each individually, "Barclays").

It has been prepared for institutional investors and not for retail investors. It has been distributed by one or more Barclays affiliated legal entities listed

below or by an independent and non-affiliated third-party entity (as may be communicated to you by such third-party entity in its communications

with you). It is provided for information purposes only, and Barclays makes no express or implied warranties, and expressly disclaims all warranties of

merchantability or fitness for a particular purpose or use with respect to any data included in this publication. To the extent that this publication states

on the front page that it is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt

research reports prepared for retail investors under U.S. FINRA Rule 2242, it is an “institutional debt research report” and distribution to retail investors

is strictly prohibited. Barclays also distributes such institutional debt research reports to various issuers, media, regulatory and academic