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Pluxee (PLXFP; NR, BBB+; S) {PLX FP Equity} 1H results (ending February)

CONSUMER CYCLICALS

Equities are bid on firm 1H results (above) while the only outstanding debt, €550m 28 & 32 lines, are muted. They screen tad cheap to us at Z+75 & +110 but given flat since issuance in late Feb & M&A is in the immediate pipeline (net cash position) not sure what would trigger the move.


It trades in-line with close comp & 1-notch higher rated Edenred - our last view was in late Feb on Italian probe sell-off; it screened cheap then & we noted history was on the side of a reversion (French regulation sell-off last year) - it tightened 20bps since but has widened back heading into yesterday's earnings - will follow up on it.


There is still spread pick-up vs. the 2 on tobacco curves & retailers H&M & PVH.

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