DB cuts Pluxee to 'hold' from 'buy' on planned Brazil voucher regulation

Pluxee

14/11/2025 09:07

** Deutsche Bank downgrades French employee benefits provider Pluxee PLX.PA to "hold" from "buy", citing new Brazilian lunch voucher rules

** Pluxee shares slide 3.2%, extending losses incurred after President Lula's decree to cap commissions and shorten payment delay deadlines

** The broker highlights that Brazil accounts for nearly a third of the group's revenue and its float, adding "no clear guidance was communicated by Pluxee yet"

** For Pluxee, DB lowers its FY26-28 revenue estimates by 7-10%, underlying core profit estimates by 14-17%, and EPS estimates by 22.6%-26.2%

** Peer Edenred expects a core profit decline of between 8% and 12% if the decree is implemented

** DB cuts Edenred's PT by 15% to 34 euros, while that for Pluxee by 30% to 23 euros

** Edenred shares slip 1.4%

(Reporting by Dimitri  Rhodes)

((Dimitri.Rhodes@thomsonreuters.com;))