Elis - Growth slowdown despite better-than-expected profitability estimates
Q4 organic sales growth of 8% in line with our expectationsMomentum slows as expected due to gradual erosion of price effect.Full-year sales up 12% organically, thanks to 9% price effectAdjusted EBITDA margin estimated at 34.2%, 120bps above guidance.FCF estimated slightly above €300m (vs. guidance of €260m)No guidance for 2024, but price increases already implemented or planned in line with inflation.“BUY" opinion, but share price appreciation potential less attractive due to slowdown in growthElis 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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