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CONSUMER CYCLICALS: Pluxee (PLXFP; NR/BBB+/NR) more broker cuts

CONSUMER CYCLICALS
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  • Goldman equities with a px target cut to €18 and the only analyst now on a sell.
  • Stock is continuing to set lows, trades at a forward P/E of 14x vs. peer Edenred at 16x and SXXP at 15x.
  • Earnings on 31st Oct - guidance is for a slowdown to HSD growth in the 4Q.
  • We have been skewed to see value on the 28s - it has come in 10bps but still trades at wide end of consumer services.
  • Worth looking at if equity analyst have any structural concerns. BS is flushed with cash which gives it flexibility to navigate into growth areas.
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  • Goldman equities with a px target cut to €18 and the only analyst now on a sell.
  • Stock is continuing to set lows, trades at a forward P/E of 14x vs. peer Edenred at 16x and SXXP at 15x.
  • Earnings on 31st Oct - guidance is for a slowdown to HSD growth in the 4Q.
  • We have been skewed to see value on the 28s - it has come in 10bps but still trades at wide end of consumer services.
  • Worth looking at if equity analyst have any structural concerns. BS is flushed with cash which gives it flexibility to navigate into growth areas.