Sodexo: The Journey Starts Here

研报英文原文证据摘录

Sodexo: The Journey Starts Here

France | Food Service

Sodexo EquityJulyResearch16, 2026

ESTIMATE CHANGEThe Journey Starts Here

We think the strategic update presented ticked the boxes of the key pillars RATING BUY

required for a successful turnaround story in the industry. The earnings PRICE €53.85^

outlook is now set, offering short- and mid-term visibility. With expectations PRICE TARGET | % TO PT €65.00 | +21%

now fully de-risked, a consistent delivery over the coming quarters would 52W HIGH-LOW €56.55 - €35.50

ultimately support a re-rating as investors' confidence on the achievability FLOAT (%) | ADV MM (USD) 53.4% | 19.59

of the MT targets builds up. MARKET CAP €7.9B | $9.1B

TICKER SW FP

'Shift & Grow' - A transformation journey: The strategic framework was consistent with the ^Prior trading day's closing price unless otherwise noted.

turnaround roadmap we previously discussed, incl. stronger execution (o/w mgmt reshuffling,

performance review process, stronger accountability, systems upgrade), a meaningful

investments plan to build sales capabilities and improve competitiveness (o/w c.EUR1bn non- FY (Aug) CHANGE TO JEFe JEF vs CONS

recurring investments), and a more focused strategy with clear priorities. While FY27 will be 2026 2027 2026 2027

a year of transition, growth should accelerate from FY28. The framework presented today REV NM NM NA NA

confirmed, in our view, the similarities with the successful turnaround journey experienced by EPS NA -3% NA NA

Aramark since 2019 (see here).

2026 (€) 1Half 2Half FY

ST outlook - FY27 targets in line: The guidance of 2-3% org. growth and 3.2-3.4% adj. EBIT

EPS -- -- 3.16

margin came largely in line with our expectations. We believe the top-line range still represents