ELIOR Feedback lunch/presentation CFO: A tedious tidying job
Once more Management confirmed that its first objective is to stabilize the situation. A strict control of cash and of return on investments is needed. Nevertheless, commitments already signed, notably in concession, will keep CAPEX high in 2019 and an improvement cannot be expected to show in the numbers before 2020. With an objective of an operating FCF of EUR750m during the period, management confirmed that they have room for M&A but it will be limited to bolt-on and focused on US contract catering, as recently illustrated with the acquisition of Bateman Community living with sales of approximately US$70m. Based on our estimates, we are confirming our FV highlighting that at current share price the stock is trading with a discount vs. its peers of 25%.Elior is a contracted food and support services group based in France. Co. provides personalized catering and service solutions to 3.7 million customers in the business & industry, education, healthcare, leisure and travel markets through 17,500 restaurants and points of sale in 13 countries. Co. offer solutions in two core segments, Contract Catering & Support Services (provides foodservice solutions to Business & Industry, Education and Healthcare as well as support services for facilities management and cleaning services) and Concession Catering & Travel Retail (food service solutions for motorways, airports, railway stations and leisure).
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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