Sodexo

SW: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€23.00	Cpxwp	Kpjlzkh

Sodexo Earnings: Serving Up a Sizzling H1

Michael Field

Apr 5, 2023

Narrow-moat Sodexo produced a strong set of results for first-half fiscal 2023, well ahead of previous guidance. Organic revenue growth came in above 13%, with operating margins up to 5.8%, still below precoronavirus levels, but a material improvement year over year. We view the stock as very attractive.

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