Elior - comment

Elior has posted strong full-year results, and Free Cash flow generation was above our expectations at >€200m. However, this was boosted by a

Aengus McMahon20 November 2024ELIOR

Elior - comment

EBITDA margins are improving faster than we expected, driving operating cash flow

Aengus McMahon16 May 2024ELIOR

Elior - comment

The new shares issued by Elior represent <0.3% of the equity. Although it will be a relief to the company that it can

Aengus McMahon9 April 2024ELIOR

Elior - comment

A share buyback of up to €252m over the next 18 months is an eye-catching headline, but we expect the actual buyback outlay will be much smaller and back-ended. The buyback authorisation figure is sized on 10% of outstanding shares at €10 per share, bu

Aengus McMahon7 March 2024ELIOR

Elior – Brighter

Please find our updated analysis here.

Elior surprised us with the pace of margin recovery in H223 and we do not expect that performance to reverse in FY24. The acquisition of

Aengus McMahon1 December 2023ELIOR

Elior - comment

Elior's top line was well above our expectations driving a higher EBITDA. We had estimated that price rises to recover inflation would be delayed into 2024, bu

Aengus McMahon22 November 2023ELIOR

Elior - comment

Elior continues to rely on its banks for liquidity as it tries to rebuild margins. Anything that pushes away pricing concerns is to be welcomed. The

Aengus McMahon17 October 2023ELIOR

Elior - comment

Although the price paid has not been made public, the US acquisition is small. The business provides meals to 14,000 private school pupils in

Aengus McMahon22 September 2023ELIOR

Elior - comment

Boris Derichebourg was already the COO of Elior France, so his appointment as the Chair and CEO of the French business is not surprising. Our modelling shows

Aengus McMahon11 September 2023ELIOR

Elior – Kitchen steam.

Please find our updated analysis here.

Elior is relying on the banks to provide liquidity as it works to restore profitability. After a good start to the year against Omnicron-impacted comps, H2 has seen improvement taper off.

Aengus McMahon4 September 2023ELIOR

Elior - comment

The Q3 headline numbers are overshadowed by the continuing difficulty of improving margins in an inflationary environment. EBIT margins for

Aengus McMahon25 July 2023ELIOR

Elior - comment

Elior is making progress on cost recovery, but the process isn’t quick. Our concern about Elior is the ability to achieve inflationary price rises. H1 was

Aengus McMahon17 May 2023ELIOR

Elior - comment

Elior shareholders have approved the stock-funded acquisition of DMS. This vote

Edward Lewisohn18 April 2023ELIOR

Elior - comment

The European Commission has approved the DMS transaction. This was largely expected. The main outstanding hurdle is

Edward Lewisohn28 March 2023ELIOR

Elior - comment

Ahead of the Elior shareholder vote on April 18th to approve the DMS acquisition, Elior this morning published the meeting agenda/resolutions, along with

Edward Lewisohn27 March 2023ELIOR

Elior - Beyond DMS

Quantum and timing of Elior's EBITDA recovery remain highly uncertain. And while the pending DMS contribution will be moderately deleveraging, we still see value cushion under

Edward Lewisohn14 March 2023ELIOR