(News Bulletin 247) – Oddo BHF maintains its Underperformance opinion on the Elior share with a price target of 2.80E.
“From a purely operational point of view, we still believe that improvement at Elior will be slower than at competitors, even with the integration of DMS, with a relatively high risk of integration in the short term,” said the director. ‘analyst.
For Oddo BHF, Elior has accumulated in recent years ‘a number of strategic and operational missteps which make its recovery distant and relatively uncertain in collective catering’.
And to estimate that it will probably take ‘2-3 years to turn the group around, in a context of a currently strained balance sheet’.
‘At the same time, the valuation remains less attractive than its peers with a 2024e EV/EBIT multiple of 13.4x pro forma (vs Sodexo 12x and ISS 9x) and close to its historic multiple’, concludes the analyst.
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