Report
Delphine Chauvin

Elior : Une reprise en main convaincante

Sans surprise, 2022/23 a été un exercice en demi-teinte pour Elior, avec – heureusement – une forte reprise de l’activité dans la restauration collective (+12% org.), mais avec aussi plusieurs profit warnings durant l’année, et, au final, une rentabilité très inférieure à ce qu’elle devrait être normalement (marge d’EBITA de seulement 1.1%). De plus, Elior apparait encore lourdement endetté avec un levier qui dépasse largement les 5x, même si sa situation financière s’est éloigné...
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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