Sodexo: Resetting estimates for the ongoing investment phase

研报英文原文证据摘录

Sodexo: Resetting estimates for the ongoing investment phase

Global Research

28 July 2026ab

Sodexo Equities

FranceResetting estimates for the ongoing investment

phase Recreational Products & Services

12-month rating Neutral

12m price target €57.50Ability to capture market opportunity looking more credible

Prior : €46.75

We continue to view the sector positively, in part owing to defensive nature of the

business, the continued tailwinds from first time outsourcing, and the operating Price (27 Jul 2026) €56.55

leverage benefits the large market participants should see from scale and efficiency in RIC: EXHO.PA BBG: SW FP

procurement. Despite the attractive market backdrop Sodexo has significantly

underperformed its large listed peers. However, the recent change in CEO and the Trading data and key metrics

recent strategy update do indicate a clear acceptance that a change in approach and a 52-wk range €56.55-38.62

need for investment are a positive step in the right direction in our view, and the recent Market cap. €8.27b/US$9.40b

global contract win with Meta does indicate the group's ability to win large, high profile Shares o/s 146m (ORD)

clients. Free float 61%

Avg. daily volume ('000) 315

Change to estimates results in downgrades Avg. daily value (m) €15.5

While this higher investment than we had previously allowed for does lead to Common s/h equity (08/26E) €3.68b

significantly lower EPS over the coming three years (-24% to -32%) our long term P/BV (08/26E) 2.2x

estimates (FY30) are broadly unchanged given we had previously de-risked our Net debt to EBITDA (08/26E) 3.0x

estimates and allowed for organic revenue growth of only 4% over our forecast period

compared to the 5% we now assume. We have updated our price target to €57.50/ EPS (UBS, diluted) (EUR)