Sodexo is a services company which partners with companies, institutions and local authorities. Co. designs, manages and delivers Quality of Life services. Co.'s offers are: On-Site Service Solutions (Co.'s services are: Corporate, Defense, Justice Services, Remote sites, Health Care, Seniors, Education and Sports and Leisure), Benefits and Rewards Services Solutions (Co.'s offers focus on the following services: recruit and retain employees and increase their motivation; mobilize teams around quantitative or qualitative objectives; ensure delivery of Public Benefits), and Personal and Home Services (services in childcare; tutoring and adult education; concierge services and senior care).
  • TickerSW
  • ISINFR0000121220
  • ExchangeEuronext Paris
  • SectorTravel & Leisure
  • CountryFrance

Analysts

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2019

...

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : Organic growth the priority, to the detriment of profitability which offers limited upside in the short and medium term

>Full-year earnings a shade above forecasts - Group sales were € 21.95bn, up 7.6%, primarily driven by recent acquisitions and organic growth. The latter came in at 3.6%, beating the announced 2%-3% range (consensus 3.0%), even though the group had expected to achieve the top end of this target. This was due to Sodexo’s capacity to: i/ broaden the range of services offered on existing contracts (project works) and ii/ pass on price increase linked to inflation-indexed...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2019

...

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : L’organique est la priorité, au détriment de la rentabilité qui offre très peu d’upside à court / moyen terme

>Résultats annuels légèrement supérieurs aux attentes - Le chiffre d’affaires du groupe s’est élevé à 21.95 Md€ en hausse de 7.6%, principalement tirée par les récentes acquisitions et la croissance organique. Cette dernière a atteint 3.6%, au-dessus de la fourchette de 2-3% annoncée (consensus 3.0%), même si le groupe s’attendait à être dans le haut de cet objectif. Ceci s’explique par la capacité de Sodexo à : i/ étendre les services proposés sur des contrats exista...

Bruno de La Rochebrochard

SODEXO: Revenue ahead expectation but flat margin as guided. 2020 margin guidance disappointing | NEUTRAL | EUR97(-3%)

SODEXO - NEUTRAL | EUR97(-3%) Revenue ahead expectation but flat margin as guided. 2020 margin guidance disappointing Sustained organic revenue growth ahead expectation… …with flat EBIT margin vs. 2018. 2020 guidance disappointing on margin

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : Organic growth the priority, to the detriment of profitability which offers limited upside in the short and medium term

>Full-year earnings a shade above forecasts - Group sales were € 21.95bn, up 7.6%, primarily driven by recent acquisitions and organic growth. The latter came in at 3.6%, beating the announced 2%-3% range (consensus 3.0%), even though the group had expected to achieve the top end of this target. This was due to Sodexo’s capacity to: i/ broaden the range of services offered on existing contracts (project works) and ii/ pass on price increase linked to inflation-indexed...

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : L’organique est la priorité, au détriment de la rentabilité qui offre très peu d’upside à court / moyen terme

>Résultats annuels légèrement supérieurs aux attentes - Le chiffre d’affaires du groupe s’est élevé à 21.95 Md€ en hausse de 7.6%, principalement tirée par les récentes acquisitions et la croissance organique. Cette dernière a atteint 3.6%, au-dessus de la fourchette de 2-3% annoncée (consensus 3.0%), même si le groupe s’attendait à être dans le haut de cet objectif. Ceci s’explique par la capacité de Sodexo à : i/ étendre les services proposés sur des contrats exista...

Bruno de La Rochebrochard

SODEXO: Revenue ahead expectation but flat margin as guided. 2020 margin guidance disappointing | NEUTRAL | EUR97(-3%)

SODEXO - NEUTRAL | EUR97(-3%) Revenue ahead expectation but flat margin as guided. 2020 margin guidance disappointing Sustained organic revenue growth ahead expectation… …with flat EBIT margin vs. 2018. 2020 guidance disappointing on margin

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : Good organic growth momentum set to be under the pressure in the short term, with no margin leverage

>A solid Q3, probably the high point on an organic basis in the short term - Despite 9M sales beating expectations and a solid pace of +3.5%, Sodexo has maintained its organic growth guidance for FY19, at around 3%, i.e. the top of the initial 2/3% range. This guidance points to a slowdown in Q4 to around 1.5%e, due to a tougher comparison base (Sports & Leisure, North America) and health contract losses in North America. These contract losses are set to worsen as of ...

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : La bonne dynamique de croissance organique se tend à court terme, sans levier sur la marge

>Un solide T3, probablement le point haut en organique à court terme - Malgré un CA 9M au-dessus des attentes et solide à +3.5%, Sodexo a maintenu sa guidance de croissance organique pour FY19, à c.3%, soit le haut de la fourchette initiale de 2/3%. Cette guidance suggère un ralentissement au T4, à c.1.5%e, en raison d’une base de comparaison plus difficile (segments Sports & Loisirs, Amérique du Nord) et des pertes de contrats en Santé en Amérique du Nord. Ces pertes...

1 director sold

A director at Sodexo sold 5,400 shares at 91.254EUR and the significance rating of the trade was 60/100. 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 members ...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2019

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf....

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2019

Tandis que nous nous attendions à un ralentissement du marché des Services IT, les publications du T1 ont été rassurantes, avec une croissance qui s’est maintenue à +4.0% yoy. De plus, les indicateurs avancés se sont améliorés au cours des derniers trimestres, ce qui nous rassure sur les perspectives, alors que les niveaux de valorisation du secteur se sont détendus, ce qui offre un point d’entrée attractif et favorise le M&A. Nous privilégions Devoteam ainsi qu'Atos et Capgemini sur ...

Bruno Cavalier ...
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Roland Pfaender
  • Steven Gould
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2019

...

With a more favourable environment, SODEXO improves to Slightly Positive

SODEXO (FR), a company active in the Restaurants & Bars industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 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 February 8, 2019, the closing price was EUR 93.56 and its potential was estimated at EUR 105.25.

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...

Sodexo - Assemblée générale des actionnaires du 22 janvier 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Sodexo – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Sodexo - January 22, 2019

After the previous General Meeting, Michel Landel retired and Denis Michuel has replaced him. Michel Landel left the company with a generous non-compete indemnity. This practice is not in line with the best practices anymore because the Afep-Medef changed, and now it recommends not giving a non-competing indemnity to the executives who retired.  The compensation policy changed for Denis Machuel, and now the company discloses the fixed compensation and the variable annual remuneration can’t be greater than 150% of the fixed compensation, which is in line with our guidelines. Finally, Proxinve...

Florian Béchaz

Sodexo - 22 janvier 2019

À l’issue de la précédente Assemblée Générale, Michel Landel a quitté ses fonctions de Directeur Général de la société. Dès lors Denis Machuel lui succède. Suite à ce départ, Michel Landel s’est vu octroyer une indemnité de non-concurrence alors même qu’il a fait valoir ses droits à la retraite. Cette attribution est n’est pas ligne avec les meilleurs pratiques de la place et avec le code Afep-Medef. La politique de rémunération et la rémunération du Directeur Général ont été améliorées, permettant à Proxinvest de soutenir les résolutions 14 et 16. Enfin Proxinvest note l’amélioration du tau...

Expert Corporate Governance Service (ECGS) ...
  • Jehanne Leroy

Proxy Report - AGM 23/01/2018

ITEM 4: At the end of this 2018 AGM, Michel Landel, CEO since 2005, will retire and will be replaced by Denis Machuel. As he retires, Mr Landel is not entitled to the benefit of his severance agreement. However, in November 2017, the company implemented a non-compete agreement. Non-compete agreement must be implemented when the executive officer arrives in the Company, not when he leaves it. Moreover, in this case, this agreement is put in place while Mr Landel announced his retirement (hence he lost the benefit of his severance agreement). Therefore, this non compete agreement looks like a re...

Jérôme VINERIER

Analyse court terme - SODEXO : La tendance est haussière.

La tendance est haussière. La progression des cours se poursuit. Les objectifs sont à 95,30 € puis 102,50 €. La rupture de 75,90 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - SODEXO : The trend is bullish.

The trend is bullish. Prices are making further progress. The targets are at €95.30 and then €102.50. The break of €75.90 would endanger the trend.

Jérôme VINERIER

Analyse court terme - SODEXO : La reprise est une consolidation.

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 95,30 € prochainement. Le prochain objectif est à 85,30 €, puis 81,38 €. Le franchissement de 95,30 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - SODEXO : Rising consolidation.

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 €95.30. The next target is at €85.30, then €81.38. Passing €95.30 would question the continuation of the fall.

Jérôme VINERIER

Analyse moyen terme - SODEXO : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 77,44 €, puis 65,58 €. Le franchissement de 102,40 € remettrait en cause la suite de la baisse.

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