ELIS | initiation of coverage BUY, EUR23 |Silver lining appears post-Covid
Silver lining appears post-CovidElis is a French company that specialises in linen rental, washroom cleaning and well-being services across 28 countries in Europe and LATAM. Covid-19 has brought increasing structural needs, providing a silver lining for Elis: higher hygiene standards, traceability of workwear, flat linen inventory management. Considering Elis’ resilience in past financial crises, its growth potential and leadership position in the market, we initiate at Buy with a Target Price of EUR23
Elis is a multi-service group in the rental, laundry and maintenance of textile, hygiene and well-being items in Europe and Latin America. Co. serves hundreds of thousands of customers of all sizes, belonging to various professional customer segments: hospitality, healthcare, industry, trade and services. Co. also has a manufacturing business carried out by two entities, Le Jacquard FranASSais and Kennedy Hygiene Products which together form one of the company's operating segments.
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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