Jefferies initiates Pluxee at 'hold' on balanced risk/reward

Pluxee

10/02/2025 09:57

** Jefferies initiates coverage of French employee benefit
company Pluxee  PLX.PA  with a "hold" rating, citing a balanced
risk vs reward ratio
    ** Last year's spin-off from Sodexo  EXHO.PA  was successful
and has led to an operational improvement, including
acquisitions in Latin America, the broker says
    ** But it believes Pluxee's margins have peaked, with core
margins coming under pressure as high interest rates die down,
debt levels limit further M&A and competition stiffens
    ** In the long term, it values Pluxee at a PT of EUR 21.60
vs current price of EUR 22.20, saying a 7% discount to French
rival Edenred  EDEN.PA  on an EV/EBITDA basis is justified
    ** Out of 15 analysts that cover Pluxee, six rate it "strong
buy" or "buy", ​eight "hold" and one "sell"
    
  

 (Jakob.vancalster@thomsonreuters.com)
 ((Jakob.vancalster@thomsonreuters.com))