Sodexo

SW: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€33.00	Hxqpjnx	Wwbjvjvv

Sodexo: Starts 2024 in Strong Fashion

Michael Field

Jan 5, 2024

Narrow-moat Sodexo started fiscal 2024 as it means to go on, with organic revenue growth north of 8%. Management has maintained guidance of 6%-8% organic revenue growth for the full year, combined with operating margin growth of 30-40 basis points. We reiterate our EUR 118 fair value estimate and believe the shares offer plenty of upside potential from here.

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