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Pluxee (PLXFP; NR/BBB+/NR) and Edenred (NR, A-)

CONSUMER CYCLICALS

Equity analyst flag that competitor Swile turns profitable, see here.

We hope Swile comes to issue public bonds one day - in the meantime Pluxee 4Y is at Z+105/B+140 after a +30bp move (!) over the last month and a half. Also note Pluxee is not incapable of investing in growth itself; we estimate €1.9b of firepower/BS headroom on the 1H reported cash pile (has done 1 bolt-on since). FY results come on 31st of October.
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