GS favours Edenred among French caterers, downgrades Pluxee
14/10/2024 09:08
** Goldman Sachs favours Edenred EDEN.PA over Pluxee
PLX.PA among French caterers, citing macroeconomic factors and
its own earnings outlook reassessment
** GS notes both companies have de-rated this year amid
regulatory and policy uncertainty, concerns over slowing growth
and the forward path for float revenue amid lower interest rates
** "Despite lower valuations, we believe this industry
backdrop merits a more selective approach, particularly when we
see the macro dynamics asymmetrically reflected in consensus
estimates for Edenred vs. Pluxee," it says
** After reassessing the earnings outlook and updating its
price targets for the sector, GS cuts Pluxee to "sell" on a
relative basis and continues to favour Edenred ("buy")
** Shares in Pluxee are down 7.5% while Edenred drops 1.5%
(Reporting by Michal Aleksandrowicz)
((michal.aleksandrowicz@tr.com))