Sodexo: Oddo BHF maintains 'outperform' rating

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Sodexo shares, with an unchanged target price of E98.


Sodexo published Q1 25 sales 2% below expectations, including organic growth of 4.6% (consensus 5.3%), and confirmed its FY 25 guidance of organic growth between 5.5%/6.5% and an EBIT margin up 30/40 bp excluding currency effects.

The Q1 publication below expectations represents a disappointing start for Sodexo and makes the FY25 organic growth guidance relatively challenging, or at any rate highly dependent on H2, the analyst says.

Given Q1 and the sequence we anticipate for the rest of the year (+4.2%e in Q2, +6.3%e in Q3 and +6.7%e in Q4), we now forecast organic growth of 5.5% in FY25 (vs. 6.0%e previously), at the lower end of the guidance range, Oddo BHF comments.


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