UBS confirms its Buy recommendation on the stock, with a target price of E120, representing a potential upside of 17% compared with the current price.

The analyst provides his initial thoughts after the CMD. ' Pluxee sets ambitious targets for 2024-2026 in terms of growth, margin improvement and high cash conversion. Q1 2024 sales exceed expectations with double-digit organic growth' says UBS.

Pluxee is expected to list on Euronext Paris on February 1, subject to approval by Sodexo's AGM on January 30 and market conditions.

For fiscal 2026, Pluxee is targeting double-digit organic sales growth, an improvement in the recurring EBITDA margin to around 37%, and an average free cash flow to EBITDA conversion rate of over 70%.

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