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Pluxee (PLXFP; NR, BBB+; S) Leverage ceiling for M&A

CONSUMER CYCLICALS
  • Those wondering what out earlier comments on near term M&A would involve - mgmt didn't disclose details in Q&A but CMD day in January already gave us size - " have clearly in mind that we should not exceed something like no more than, in all cases, 2x of EBITDA in net debt...but yes, no more than 2x in terms of leverage ratio."
  • It issued & S&P rated after this so should be no issues on rating on a run up to 2x. On consensus €400m of FY24 EBITDA that leaves €1.9b headroom for acquisition - could see supply on it but we don't see it being huge given ~€2.3b in total liquidity.
  • Note mgmt net debt figures already excludes cash in regions that have restrictions around float use (~€1b excluded from €1.8b reported cash).
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