Elis - Better-than-expected profitability and attractive outlook for 2024 with dynamic M&A activity
Margin improvement ahead of guidanceAdjusted EBIT up 26% and FCF up 35%Financial leverage reduced to 2.0x from 2.5x at the end of 2022For 2024, organic growth expected at 5%, adjusted EBITDA margin at 35.0% and adjusted EBIT margin at 16%.Expected FCF more than €340m and financial leverage of 1.8x excluding acquisitions."BUY" opinion confirmed, thanks to a valuation significantly lower than historical levels and more dynamic M&A news.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.
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