Sodexo

SW: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€48.00	Krxcnz	Lqsjkfbc

Sodexo Earnings: Still Benefiting From Tailwinds in 2024

Michael Field

Apr 22, 2024

Narrow-moat Sodexo posted a strong first-half update with organic revenue growth of 8.5%, rising into the second quarter. Operating margins also increased by 40 basis points year over year to 5.1%. Management tightened full-year guidance with organic revenue growth now expected to be at the top end of the previously guided 6%-8%. We reiterate our EUR 92 fair value estimate and see decent upside from the prevailing share price.

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