Sodexo is a services company which partners with companies, institutions and local authorities. Co. designs, manages and delivers Quality of Life services. Co.'s offers are: On-Site Service Solutions (Co.'s services are: Corporate, Defense, Justice Services, Remote sites, Health Care, Seniors, Education and Sports and Leisure), Benefits and Rewards Services Solutions (Co.'s offers focus on the following services: recruit and retain employees and increase their motivation; mobilize teams around quantitative or qualitative objectives; ensure delivery of Public Benefits), and Personal and Home Services (services in childcare; tutoring and adult education; concierge services and senior care).
  • TickerSW
  • ISINFR0000121220
  • ExchangeEuronext Paris
  • SectorTravel & Leisure
  • CountryFrance
Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2020

We are initiating coverage of Phoenix with a Buy recommendation and a target price of 775 pence. Phoenix Group is the UK’s leading life and pension consolidator and is poised to finalise the acquisition of its main competitor, ReAssure, in the coming weeks. It boasts rigorous management of its capital, with significant cash generation and an attractive shareholder return. Cf. company report published today. - ...

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : A better-than-expected Q3 2019-20, but no real recovery in the short term

>A better-than-expected Q3 - Sodexo reported better-than-expected Q3 sales, albeit with a sharp organic decline (-29% vs consensus -36% and an initial scenario of -33%). This performance, which was not as bad as expected, was driven in large part by the education segment, with some schools in the US continuing to provide meals for disadvantaged children (school segment at -48% vs a scenario of -70%). The business & administration segment declined by slightly less than...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/07/2020

Nous initions la couverture de Phoenix avec une recommandation à l’Achat et un objectif de cours de 775 pence. Phoenix Group est le leader de la consolidation de portefeuilles d’assurance vie au Royaume-Uni et doit finaliser l’acquisition de son principal concurrent ReAssure dans les prochaines semaines. Il a une gestion rigoureuse de son capital avec une génération importante de cash-flow et un rendement attractif pour les actionnaires. Cf. étude publiée hier soir. - ...

Jérôme VINERIER

Analyse court terme - SODEXO : La tendance est haussière.

La tendance est haussière. La progression des cours se poursuit. Les objectifs sont à 95,30 € puis 102,50 €. La rupture de 75,90 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - SODEXO : The trend is bullish.

The trend is bullish. Prices are making further progress. The targets are at €95.30 and then €102.50. The break of €75.90 would endanger the trend.

Jérôme VINERIER

Analyse court terme - SODEXO : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 95,30 € prochainement. Le prochain objectif est à 85,30 €, puis 81,38 €. Le franchissement de 95,30 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - SODEXO : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €95.30. The next target is at €85.30, then €81.38. Passing €95.30 would question the continuation of the fall.

Jérôme VINERIER

Analyse moyen terme - SODEXO : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 77,44 €, puis 65,58 €. Le franchissement de 102,40 € remettrait en cause la suite de la baisse.

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2020

We are initiating coverage of Phoenix with a Buy recommendation and a target price of 775 pence. Phoenix Group is the UK’s leading life and pension consolidator and is poised to finalise the acquisition of its main competitor, ReAssure, in the coming weeks. It boasts rigorous management of its capital, with significant cash generation and an attractive shareholder return. Cf. company report published today. - ...

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : A better-than-expected Q3 2019-20, but no real recovery in the short term

>A better-than-expected Q3 - Sodexo reported better-than-expected Q3 sales, albeit with a sharp organic decline (-29% vs consensus -36% and an initial scenario of -33%). This performance, which was not as bad as expected, was driven in large part by the education segment, with some schools in the US continuing to provide meals for disadvantaged children (school segment at -48% vs a scenario of -70%). The business & administration segment declined by slightly less than...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/07/2020

Nous initions la couverture de Phoenix avec une recommandation à l’Achat et un objectif de cours de 775 pence. Phoenix Group est le leader de la consolidation de portefeuilles d’assurance vie au Royaume-Uni et doit finaliser l’acquisition de son principal concurrent ReAssure dans les prochaines semaines. Il a une gestion rigoureuse de son capital avec une génération importante de cash-flow et un rendement attractif pour les actionnaires. Cf. étude publiée hier soir. - ...

Johanna Jourdain ...
  • Matthias Desmarais

Sodexo : Un T3 2019/20 meilleur qu’attendu, mais pas de vraie reprise à court terme

>Un T3 meilleur qu’attendu… - Sodexo a publié un CA T3 meilleur qu’attendu mais marqué par un fort recul en organique (-29% vs consensus -36% et hypothèses initiales à -33%). Cette « moins mauvaise » performance qu’attendu est essentiellement venue du segment Education, certaines écoles aux US ayant continué de fournir des repas aux enfants défavorisés (sous-segment Ecoles à -48% vs hypothèse à -70%). Enfin, l’activité en Business & Administration a légèrement moins ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anthony Dick
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/07/2020

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/14/2020

We held a conference call last Wednesday with Stéphane Bancel, Moderna’s CEO. We were able to discuss the next stages involved in the development of its COVID-19 vaccine which, it is worth noting, is the first to be tested in humans. Considering the progress being made and the prospect of its vaccine reaching the market within just a few months, we have now decided to factor this asset into our valuation model. We have thus adjusted our valuation from $ 32 to $ 37 and reiterate our Bu...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/04/2020

Nous organisions mercredi dernier une conférence téléphonique avec Stéphane Bancel, CEO de Moderna. Cet évènement a été l’occasion de revenir notamment sur les prochaines étapes de développement de son vaccin contre COVID-19 qui pour rappel est le premier à être testé chez l’homme. Suite aux avancées en cours et la perspective de mettre son vaccin sur le marché dans quelques mois, nous prenons la décision d’inclure cet actif dans notre modèle de valorisation. Nous ajustons notre objec...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/09/2020

...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/04/2020

Les utilities couvrent des besoins fondamentaux, mais ne sont pas immunes à la crise sanitaire. Plusieurs groupes (Encavis, Verbund, Neoen, Suez, Engie et Veolia) l’ont d’ores et déjà intégrée dans leurs guidances ou les ont suspendues. D’autres (Fortum et Naturgy) n’ont pas communiqué à ce stade. Enfin, les derniers (E.ON, EDF, Iberdrola, Enel, RWE, Nordex et Voltalia) ont confirmé leur trajectoire 2020. Ainsi nos révisions d’estimations impactent un nombre limité de valeurs (EDF, Fo...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/18/2020

...

Increased risk weighs on SODEXO, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of SODEXO (FR), active in the Restaurants & Bars industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date May 19, 2020, the closing price was EUR 56.42 and its target price was estimated at EUR 53.36.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Florian Béchaz

Sodexo - AGM 21 January 2020

ECGS congratulates the company for its efforts to respect shareholder rights by proposing no cancellation of preferential subscription rights (except in the case of an issue reserved to employees). The new remuneration policy for the Chief Executive Officer will no longer include the possibility of granting an exceptional remuneration (item 11). The proposal to reduce the time limit for declaring threshold crossings from the statutory period of 15 days to 5 days poses a practical problem for investors and an increased risk of deprivation of voting rights (item 15).

Florian Béchaz

Sodexo - Assemblée Générale des Actionnaires du 21 Janvier 2020

Proxinvest félicite la société qui veille à respecter les droits des actionnaires en ne proposant pas de suppression du droit préférentiel de souscription (à l'exception éventuellement d'une émission au profit des salariés). La nouvelle politique de rémunération du Directeur Général ne comprendra plus la possibilité d'octroyer de rémunération exceptionnelle. (résolution 11) La proposition de réduction du délai de déclaration des franchissements de seuils statutaires de 15 jours à 5 jours pose un problème pratique pour les investisseurs et un risque accru de sanction de provation de droits de...

Sodexo - Assemblée générale des actionnaires du 22 janvier 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Sodexo – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Sodexo - January 22, 2019

After the previous General Meeting, Michel Landel retired and Denis Michuel has replaced him. Michel Landel left the company with a generous non-compete indemnity. This practice is not in line with the best practices anymore because the Afep-Medef changed, and now it recommends not giving a non-competing indemnity to the executives who retired.  The compensation policy changed for Denis Machuel, and now the company discloses the fixed compensation and the variable annual remuneration can’t be greater than 150% of the fixed compensation, which is in line with our guidelines. Finally, Proxinve...

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