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Pluxee (PLXFP; NR/BBB+/NR) Broker cut

CONSUMER CYCLICALS

JP equity analyst are sending the stock to post-IPO lows (-7% today) - they have moved from OW to neutral at target of €28. Pluxee has a lot of moving parts (regulation, interest rates on the float including in EM countries) so hard for us to pin-point their singular reason. If you have access worth browsing through any concerns they have.

Credit metrics have plenty headroom into BBB+ ratings and equities are a small cap (<€3b market cap) that have high vol. Still direction of equities and earnings multiple it's trading on (at a discount now vs. Edenred) are never nice to see.

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