Elis is a multi-service group in the rental, laundry and maintenance of textile, hygiene and well-being items in Europe and Latin America. Co. serves hundreds of thousands of customers of all sizes, belonging to various professional customer segments: hospitality, healthcare, industry, trade and services. Co. also has a manufacturing business carried out by two entities, Le Jacquard FranASSais and Kennedy Hygiene Products which together form one of the company's operating segments.
  • TickerA14M93
  • ISINFR0012435121
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance

Analysts

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Fed cut, now what? The Fed's 25 bps cut and Powell's evasiveness in committing to a new easing cycle was seen as more hawkish than expected. In our opinion Powell was essentially saying the Fed will act as appropriate moving forward, and we can't blame him considering this was largely an “insurance cut” as opposed to a rescue attempt to avoid recession, and we may or may not need additional insurance moving forward. Overall the weight of the evidence supports further consolidation - i.e., no breakouts for now - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM), and considering...

Joan Sehim

Elis' 1h18 results were good, berendsen on track

Elis, the French linen services provider, reported good 1H18 results. Sales came in at €1,534m, up 2.1% organically, and EBITDA reached €469m (30.6% margin) against €435m (29.4%) last year. The home French market (33% of sales) is doing well, up 1.9% organically thanks to good activity in hospitality.

Remi Ramadou

Elis Sees Spain & LatAm boost 2H16, lower price pressure in France for 2017

Elis, the French linen services provider, published sound 2H16 results. Yoy sales were up 6.8% (+2.4% organically) to €783m and EBITDA gained 4.3% to €252m, or a 70 bps decline in margin to a still good 32.2%. This is in line with management’s forecast and the +6.9% growth in sales (+2.7% organically) seen during the entire year. Negatively, the performance was still hampered by a sluggish macro backdrop in France (57% of sales pro forma of the acquisitions), marked by low industrial activities (12%) and lower hotel occupancy (21%) following the Nice terrorist attack in July. Still, the countr...

Christophe Chaput ...
  • Hela Zarrouk

Elis : CA T1 proche des attentes ; +2.4% lfl

>Un CA T1 proche des attentes 776.7 M€ vs 779 M€e ; +2.4% lfl - Au titre de son premier trimestre, le groupe Elis publie un chiffre d’affaires en progression de +4.3% à 776.7 M€, soit un niveau proche de nos attentes (779.0 M€). La croissance organique ressort ainsi à +2.4% ce qui est satisfaisant (+2.3% estimés). Par zone géographique, nous retenons (à ptcc) : 1/ une hausse du CA de 2% en France (32% du CA) ce qui est une bonne performance dans un contexte de Gilets...

Christophe Chaput ...
  • Hela Zarrouk

Elis : Q1 sales close to estimates, +2.4% l-f-l

>Q1 sales close to estimates € 776.7m vs € 779m est., +2.4% l-f-l - For Q1, Elis has reported sales growth of +4.3% to € 776.7m, close to our forecasts (€ 779.0m). Organic growth was a decent +2.4% (vs +2.3% estimated). By geographic area, we note (l-f-l): 1/ a 2% increase in sales in France (32% of sales) which is a good performance in the context of the “yellow vests” protests and bearing in mind the negative calendar effect (concerning one day and the later Easter...

Christophe Chaput ...
  • Hela Zarrouk

Elis : Feedback from meeting: 2019 EBITDA margin shy of expectations but strong improvement in the FCF anticipated in 2020.

>Feedback from meeting in London - At a presentation meeting in London, management reviewed its full year 2018 earnings and its 2019 outlook. We note the following: The EBITDA margin increased by +70bp in pro-forma basis, i.e. 31.5%, close to our estimates (31.6%; € 985.6m vs € 990m estimated), keeping in mind that the group has benefited from synergies with Berendsen (€ 50m in total of which € 45m in opex). Margins have increased in all geographic regions excep...

Christophe Chaput ...
  • Hela Zarrouk

Elis : Feedback réunion : une marge d’EBITDA pour 2019 légèrement en dessous des attentes mais nette amélioration du FCF attendue en 2020

>Feedback meeting à Londres - A l’occasion d’une réunion de présentation à Londres, le management est revenu sur ses résultats 2018 et sur ses perspectives 2019. Pour notre part, nous retiendrons : La marge d’EBITDA s’est appréciée de 70 pb sur une base pro forma, soit 31.5%, ce qui s’est avéré proche de nos estimations (31.6% ; 985.6 M€ vs 990 M€ estimés) en sachant que le groupe bénéficie des synergies issues de Berendsen (50 M€ cumulés dont 45 M€ au niveau de...

Christophe Chaput ...
  • Hela Zarrouk

Elis : 2018 results broadly close to forecasts but a 2019 EBITDA margin expected at between 31.2% and 31.6% vs 31.7% estimated

>2018 earnings close to our estimates: EBITDA € 985.6m vs € 990me - Based on sales increase of 42.8% of which 2.4% in pro-forma organic terms, the Elis group published a 2018 EBITDA of € 985.6m, up 47.1%, which is slightly below our estimate of € 990m. The EBITDA margin came in at 31.5%, up +70bp on a pro-forma basis, which is relatively satisfactory (we retained 31.6%, the guidance was based on a margin of >31.5%). In detail, we note that most geographic areas have ...

A director sold 32,727 shares at 22.009EUR and

A director at Elis sold 32,727 shares at 22.009EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Baptiste Lebacq ...
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean Sassus
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 05/03/2019

...

Baptiste Lebacq ...
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean Sassus
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/05/2019

...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 03/08/2019 Date Performance since listing Date Performance since listing

Sixt Leasing, an independent player in the German vehicle leasing and fleet management market, stands out for its strong momentum in the online retail and fleet management segments and its capacity to handle the diesel risk effectively. These strengths should pave the way for buoyant growth over the coming years (2018-2021e CAGR of +8% for revenue and 15% for pre-tax profit) and a rerating of the stock (target price € 18.1, i.e. 34% upside). We are initiating coverage of the stock wit...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 08/03/2019

Sixt Leasing, acteur indépendant du marché allemand du leasing de véhicules et de gestion de flottes, se distingue par sa forte dynamique sur les segments Online Retail et Fleet Management, ainsi que par sa capacité à gérer efficacement le risque diesel. Ces atouts se traduiront par une croissance soutenue sur les prochaines années (TMVA18-21e CA : +8% ; RCAI : 15%) et par une revalorisation du titre (OC 18.1 €, soit un potentiel de 34%). Nous initions la couverture avec une opinion A...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Hela Zarrouk
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2019

...

With a more favourable environment, ELIS improves to Slightly Positive

ELIS (FR), a company active in the Business Support Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 21, 2019, the closing price was EUR 15.79 and its potential was estimated at EUR 17.52.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Delphine Chauvin

Elis : Deleveraging to speed up this year

Elis is an issuer firmly positioned at the upper end of the BB category, with a resilient business model and conservative financial management. We have a Stable Credit Opinion, as we do not anticipate further upgrades by rating agencies in the near term. - - >Support factors - - One of Europe’s biggest providers of rental and laundry services for textiles and work clothing, with leading positions in its core markets: number one in France (33% of sales), the UK & Irelan...

Delphine Chauvin

Elis : Un désendettement qui devrait s’accélérer cette année

Elis demeure un émetteur bien positionné dans le haut de la catégorie BB, avec un business model résilient et un management qui conserve une gestion financière prudente. Notre Avis Crédit est Stable, n’anticipant pas de nouveaux upgrades de la part des agences de rating pour l’instant. - >Facteurs de soutien - - L’un des plus grands acteurs en Europe des services de location-entretien de linge et vêtements de travail, avec des positions de leaders dans les principaux p...

Elis - Assemblée générale des actionnaires du 23 mai 2019

La présente résolution propose le renouvellement de 4 membres du conseil et la ratification d'un nouveau membre. Au regard de l'indépendance du conseil et du respect des recommandations de Proxinvest , l'ensemble de ces résolutions seront soutenues. Ensuite concernant les rémunérations, Proxinvest recommandera d'approuver les rémunérations 2018 et 2019 des membres du Directoire à l'exception de celles du Président du Directoire au regard des montants en jeu.

Jehanne Leroy

Proxy Report - 18/05/2018

Le principal sujet de cette assemblée générale est l'augmentation des rémunérations fixes des dirigeants pour 2018 (+45% pour le Président du Directoire). Cette augmentation du fixe, sans qu'aucune contrepartie comme l'abaissement du bonus maximum par exemple ou de la part long-terme ne soit mise en place, porte la rémunération totale maximum du Président du Directoire à 4,86 M€ pour 2018, soit plus de 240 SMICs, notre plafond socialement acceptable et plus de 219% de la médiane des rémunérations des dirigeants du SBF 120 (et plus de 118% de la médiane du CAC40). Cette politique de rémunérati...

Charles Pinel

Etude de l'AG du 31/08/2017

Une assemblée générale extraordinaire est convoquée dans le cadre du projet d'acquisition de la société Berendsen par Elis. L'offre est composée d’une part en numéraire et d’autre part en actions et consiste en l’acquisition de chaque action Berendsen contre la remise de 5,40 £ et 0,403 action nouvelle Elis. D'un point de vue stratégique, l'opération est pleinement justifiée et ses conséquences semblent acceptables en terme de gouvernance. Les conditions financières laissent apparaitre une prime très importante qui traduit les négociations avec Berendsen et qui semble être compensée par l'int...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Fed cut, now what? The Fed's 25 bps cut and Powell's evasiveness in committing to a new easing cycle was seen as more hawkish than expected. In our opinion Powell was essentially saying the Fed will act as appropriate moving forward, and we can't blame him considering this was largely an “insurance cut” as opposed to a rescue attempt to avoid recession, and we may or may not need additional insurance moving forward. Overall the weight of the evidence supports further consolidation - i.e., no breakouts for now - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM), and considering...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Jérôme VINERIER

Analyse court terme - ELIS SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 17,60 € prochainement. Le prochain objectif est à 16,04 €, puis 14,70 €. Le franchissement de 20,50 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ELIS SA : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €17.60. The next target is at €16.04, then €14.70. Passing €20.50 would question the continuation of the fall.

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