ARAMARK (+) : Set to win, even before the AI spin

研报英文原文证据摘录

ARAMARK (+) : Set to win, even before the AI spin

EQUITIES

LEISURE & HOTELS

ARAMARK OUTPERFORMPRICE* USD51.5  TARGET PRICE USD57 (UPSIDE 11%) TARGET 14%PRICE EPS09/27e4% EPS 09/28e11%

Set to win, even before the AI spin

Aramark’s entry into the data centre hospitality market is subject to much debate. Management’s21 MAY 2026

Securities Research Report ambitious estimates of the revenue potential for the new Nexus offer are fully supported by our

Production time: 05:55* (London time)

company contacts with mid cap specialists Target Hospitality and Civeo (US, not covered). But with

Research Analysts & Publishing Entities

the exact revenue ramp-up TBC and still excluded from FY26e guidance, we believe Aramark’s

Jaafar Mestari underlying commercial momentum in its core US and International Education, Sports, Corporate andBNP Paribas London Branch

+44 (203) 430 8427 Healthcare verticals already supports medium-term organic growth of c. 9.0% in FY27e/FY28e even

jaafar.mestari@uk.bnpparibas.com before Nexus (vs Bloomberg consensus only 6.9% / 6.0%). TP increased to $57 (was $50); O/P.

Alexandra Gaillard

BNP Paribas London Branch The AI data centres opportunity: squaring the circle with the mid cap specialists

+44 207 595 5554 We have reached out to Target Hospitality (TH US) and Civeo (CVEO US), not covered, both regional

alexandra.s.gaillard@uk.bnpparibas.com specialists in the Remote Sites hospitality segment, running integrated lodging and foodservice

worker camps for a range of clients in commodities, corrections, energy – and increasingly AI. Our

key takeaway is that large data centre projects can each represent up to c. $100m of annualised

revenue over a 4- to 5-year construction phase. This backs Aramark management’s expectations of