埃利奥集团（Elior Group）上半年业绩喜忧参半

Restricted - External ELIOR.PA/ELIOR FPUNDERWEIGHTEuropean LeisureNEGATIVEPrice TargetEUR 2.60Price (21-May-25)EUR 2.71Potential Upside/Downside-3.9%Source: Bloomberg, Barclays ResearchEuropean LeisurePravin Gondhale+44 (0)20 3134 5524pravin.gondhale@barclays.comBarclays, UKVicki Stern+44 (0)20 3134 6733vicki.stern@barclays.comBarclays, UKIvy Gu+44 (0)20 3555 0139ivy.gu@barclays.comBarclays, UK •LFL price vs. inflation balance will moderate in H2with management citing higher labourand opex inflation mostlyoffsettingthe LFL price growth benefit in H2. We note, price vs. costinflation balance was the single biggest driver of EBITA growth y/y (Figure 2).•FY OSG guidance at mid-point implies H2 growth similar to H1which we think suggests asmall +ve net new biz growth willoffsetthe H/H slowdown inLFL price/volume growth.•Margins remain the priority over growthwith management clearly reiterating a preferencefor profitable contracts over top-line growth.Other details•H1 organic growth: Contract catering +2.3% (co. cons. +4.3%), Multiservices -0.6% (co. cons.+3.6%). H1 net new c-1.9% (Barc. +0%), LFL price +2.5% (Barc. +2.8%, H2 24 +3.0%), LFLVolume +0.9% (Barc. +1.4%).•H1 Revenue€3,213m vs c2%/c1% below our/co. cons. €3,269m/€3,261m.•Net debt€1,123m vs our €1,210m/co. cons. €1,190m, with Mar leverage at 3.3x ND/EBITDA.•FCF€205m vs our €144m, Capex €-61m vs. our €-60m and Working Capital €121m inflow vs.our flat y/y.•Valuation: Shares trade at 4.6x Barc. '26E EV/EBITDA and 8.1x P/E.2 Source: Company data, Barclays Research22 May 2025 Analyst(s) Certification(s):We, Vicki Stern and Pravin Gondhale, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about anyor all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or indirectlyrelated to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Elior Group(ELIOR.PA, 21-May-2025, EUR 2.71), Underweight/Negative, CD/E/J/K/L/NMaterially Mentioned Stocks (Ticker, Date, Price)Compass Group PLC(CPG.L, 21-May-2025, GBp 2687), Overweight/Negative, A/CD/D/E/J/K/L/M/NSodexo SA(EXHO.PA, 21-May-2025, EUR 58.90), Equal Weight/Negative, CD/J/K/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publicatio