(CercleFinance.com) – Sodexo’s revenue for the 1st quarter of 2022-23 (September to November 2022) is 3% higher than expected, at 6,330 ME (against a consensus of 6,169 ME, Oddo BHF 6,319 ME). It was up 20% in published data, including organic growth of 12.3% compared to the consensus forecast of 11.3% (Oddo BHF 11.7%).
Following this announcement, Oddo confirms its Outperformance advice on the stock with a price target of €98.
By division, on-site services amounted to 6,097 ME (against a consensus of 5,958 ME), representing organic growth of 11.9% (consensus 10.6%, Oddo BHF 11%).
For the 2022-23 financial year, Sodexo confirmed its expectations of organic growth of between +8/10% (consensus at 9.2%, Oddo BHF 8.3%e) and an operating margin of around 5, 5% (at constant rates, consensus at 5.4%e and Oddo BHF at 5.5%e).
‘We reiterate our preference for Sodexo in the contract catering segment because of its potential to improve its activities, which is the most important’.
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