(Boursier.com) — In the wake of the market, Sodexo jumped 5.1% to 68.7 euros at the opening of the Paris market. Bernstein remains optimistic on the file despite the fall of the title since the surprise appointment of Sophie Bellon at the head of the company. At current levels, the risk/return ratio is “very good” and a transaction involving the company’s voucher business would be a positive catalyst, writes the analyst, for “outperformance”.
The broker expects progress on the monetization of the Benefits & Rewards business in the coming months and considers the extent of the recent decline in value “exaggerated” given that Sodexo has been more defensive and cash-generating than his peers during the pandemic and that he is not materially more exposed to Europe. The target price is set at 94 euros.
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