Sodexo: Oddo BHF still a buyer, cuts TP

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Sodexo shares, mainly for valuation reasons, albeit with a target price cut from E98 to E89, following the adjustment of its estimates and updated market data.


The broker points out that the food and services group has provided preliminary interim results that are below expectations, and on this occasion issued a profit warning reflecting weaknesses in education and healthcare in the US.

Nevertheless, Oddo BHF continues to value Sodexo for its defensive profile, its potential for operational improvement, its solid financial structure and its valuation, with a discount to Compass deemed 'exaggerated'.


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