Report
Delphine Chauvin

Elior : Elior : « Time savored »

In this report, we are initiating coverage of Elior which, early summer, completed an issuance of € 550m in senior notes maturing in 2026. Our credit opinion is Stable. The crisis triggered by the covid pandemic has taken a heavy toll on the group and the contract catering sector at large. The financial year 2020-21 (FYE 30 Sept. 2021) and probably FY 2021-22 will continue to be transition years and we shall therefore need to wait until 2022-23 for profits to return to pre-pandem...
Underlying
Elior Group SA

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).

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Delphine Chauvin

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