(AOF) – On the Paris Stock Exchange, Sodexo rose 0.73% to 103.75 euros. Pluxee, the social benefits division of the collective catering specialist, is holding its investor day this Wednesday while the spin-off will be subject to a dedicated AGM on January 30, before an IPO set for February 1. Ahead of its Capital Markets Day, Pluxee announced that it expects double-digit organic growth in its revenues for the financial year ending at the end of August 2024, just like for the financial years 2024-2025 and 2025-2026.
For the 2022-2023 financial year, Pluxee recorded a recurring Ebitda of 363 million euros and a total turnover of 1.05 billion euros, i.e. a recurring Ebitda margin of around 34. 5%.
In the first quarter, ended at the end of November, of the 2023-2024 financial year, the meal voucher and gift voucher activity, which is to be split from Sodexo, achieved a total turnover of 266 million euros, in organic growth of 19.7%, supported by “strong commercial dynamics and a still buoyant macroeconomic environment”, indicated the group.
As of August 31, 2023, its net cash position amounted to €859 million.
Pluxee calls the employee benefits and engagement market “vast,” “attractive” and “under-penetrated.”
An ambitious margin objective
The recurring Ebitda margin is expected to be around 37% in 2025-2026. “This margin objective, an improvement of around 250 basis points in three years, is higher than our expectations and rather ambitious in our opinion, the constituent elements remaining quite vague,” points out Stifel. The company is also targeting an average conversion rate of free cash flow to Ebitda greater than 70% over the financial years 2024 to 2026.
The group plans to distribute a dividend representing at least 25% of its net profit from the 2023-2024 financial year.
Finally, Pluxee announced that the Dutch Financial Markets Authority had approved the prospectus relating to the admission to listing and trading of its shares on the regulated market of Euronext Paris as part of the proposed spin-off of Sodexo. .
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