Financials Sodexo

Equities

Market Closed - Euronext Paris Other stock markets 11:35:20 2025-01-22 am EST			After market 01:40:26 pm
70.10 ^EUR	+0.79%		70.02	-0.11%

Jan. 21	European equities: Why is the valuation discount a problem?
Jan. 16	BNP Paribas Exane Downgrades Sodexo to Underperform, Cuts PT	MT

Fiscal Period: August	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	19,321	17,428	21,125	23,727	23,798	25,150	26,501	27,761
Change	-	-9.8%	21.21%	12.32%	0.3%	5.68%	5.37%	4.75%
EBITDA ¹	1,465	1,179	1,582	1,793	1,543	1,714	1,866	2,001
Change	-	-19.52%	34.18%	13.34%	-13.94%	11.09%	8.87%	7.24%
EBIT ¹	569	578	1,059	1,335	1,109	1,246	1,352	1,454
Change	-	1.58%	83.22%	26.06%	-16.93%	12.34%	8.55%	7.49%
Interest Paid ¹	-291	-106	-87	-119	-63	-102.6	-102.9	-99.94
Earnings before Tax (EBT) ¹	-221	237	968	1,065	996	1,059	1,198	1,287
Change	-	-	308.44%	10.02%	-6.48%	6.35%	13.12%	7.41%
Net income ¹	-315	139	695	794	168	740.9	851.1	930.5
Change	-	-	400%	14.24%	-78.84%	341%	14.88%	9.33%
Announcement Date	10/29/20	10/27/21	10/26/22	10/26/23	10/24/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: August	2020 Q1	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2023 Q1	2023 Q3	2023 Q4	2024 Q3	2025 Q1
Net sales ¹	6,076	3,910	3,719	4,432	4,163	4,484	4,349	5,264	4,998	5,523	6,330	6,026	5,616	6,074	6,403
Change	-	-35.65%	-4.88%	19.17%	-6.07%	7.71%	-3.01%	21.04%	-5.05%	10.5%	14.61%	-4.8%	-6.8%	8.16%	5.42%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/9/20	7/7/20	10/29/20	1/8/21	4/1/21	7/1/21	10/27/21	1/6/22	4/1/22	7/1/22	1/6/23	6/30/23	10/26/23	7/2/24	1/7/25

¹EUR in Million

Estimates

Fiscal Period: August	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	7,629	8,595	8,833	10,262	10,863	12,085	11,642	12,101	11,697	12,510	12,640
Change	-	12.66%	2.77%	16.18%	5.86%	11.25%	-3.67%	3.94%	-3.34%	6.95%	1.04%
EBITDA	450	555	624	796	786	967	826	-	-	-	-
Change	-	23.33%	12.43%	27.56%	-1.26%	23.03%	-14.58%	-100%	-	-	-
EBIT ¹	-116	265	313	538	521	704	631	612	497	678.2	588.1
Change	-	-	18.11%	71.88%	-3.16%	35.12%	-10.37%	-3.01%	-18.79%	36.46%	-13.28%
Charge d'intérêts	-224	-50	-56	-53	-34	-79	-71	-	-	-	-
Earnings before Tax (EBT)	-777	88	149	-	-	-	-	-	-	-	-
Change	-	-	69.32%	-100%	-	-	-	-	-	-	-
Net income	-693	33	106	-	-	-	354	-	-	-	-
Change	-	-	221.21%	-100%	-	-	-	-100%	-	-	-
Announcement Date	10/29/20	4/1/21	10/27/21	4/1/22	10/26/22	4/5/23	10/26/23	4/19/24	10/24/24	-	-

¹EUR in Million

Estimates

Fiscal Period: August	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,868	1,478	1,268	4,399	2,600	2,903	2,818	2,675
Change	-	-20.88%	-14.21%	246.92%	-40.9%	11.65%	-2.93%	-5.07%
Announcement Date	10/29/20	10/27/21	10/26/22	10/26/23	10/24/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: August	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	398	211	341	463	469	583.5	627.5	661.5
Change	-	-46.98%	61.61%	35.78%	1.3%	24.41%	7.55%	5.42%
Free Cash Flow (FCF) ¹	234	483	631	812	851	752.6	684.6	817.4
Change	-	106.41%	30.64%	28.68%	4.8%	-11.57%	-9.04%	19.39%
Announcement Date	10/29/20	10/27/21	10/26/22	10/26/23	10/24/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: August	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	7.58%	6.76%	7.49%	7.56%	6.48%	6.82%	7.04%	7.21%
EBIT Margin (%)	2.94%	3.32%	5.01%	5.63%	4.66%	4.95%	5.1%	5.24%
EBT Margin (%)	-1.14%	1.36%	4.58%	4.49%	4.19%	4.21%	4.52%	4.64%
Net margin (%)	-1.63%	0.8%	3.29%	3.35%	0.71%	2.95%	3.21%	3.35%
FCF margin (%)	1.21%	2.77%	2.99%	3.42%	3.58%	2.99%	2.58%	2.94%
FCF / Net Income (%)	-74.29%	347.48%	90.79%	102.27%	506.55%	101.58%	80.44%	87.84%
Profitability
ROA	1.76%	0.76%	3.48%	3.81%	4.33%	5.36%	7.47%	5.47%
ROE	8.48%	4.69%	18.33%	17.73%	18.62%	20.18%	20.71%	20.9%
Financial Health
Leverage (Debt/EBITDA)	1.28x	1.25x	0.8x	2.45x	1.69x	1.69x	1.51x	1.34x
Debt / Free cash flow	7.98x	3.06x	2.01x	5.42x	3.06x	3.86x	4.12x	3.27x
Capital Intensity
CAPEX / Current Assets (%)	2.06%	1.21%	1.61%	1.95%	1.97%	2.32%	2.37%	2.38%
CAPEX / EBITDA (%)	27.17%	17.9%	21.55%	25.82%	30.4%	34.04%	33.63%	33.06%
CAPEX / FCF (%)	170.09%	43.69%	54.04%	57.02%	55.11%	77.53%	91.66%	80.93%
Items per share
Cash flow per share ¹	4.335	6.641	6.99	9.316	9.013	8.642	9.496	10.52
Change	-	53.18%	5.26%	33.28%	-3.25%	-4.12%	9.87%	10.81%
Dividend per Share ¹	-	2	2.4	3.1	2.65	2.802	3.105	3.351
Change	-	-	20%	29.17%	-14.52%	5.75%	10.8%	7.93%
Book Value Per Share ¹	18.89	21.48	29.94	30.8	25.84	28.4	31.24	33.78
Change	-	13.74%	39.36%	2.88%	-16.13%	9.93%	9.98%	8.14%
EPS ¹	-2.16	0.94	4.69	5.38	1.13	5.035	5.782	6.28
Change	-	-143.52%	398.94%	14.71%	-79%	345.54%	14.84%	8.62%
Nbr of stocks (in thousands)	145,634	145,930	146,205	145,982	146,372	146,285	146,285	146,285
Announcement Date	10/29/20	10/27/21	10/26/22	10/26/23	10/24/24	-	-	-