Sodexo

SW: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€43.00	Rlltcx	Jnwdzvgz

Sodexo: Recent Selloff Creates Opportunity; Narrow Moat Intact

Benjamin Slupecki

Oct 7, 2024

We have increased our Sodexo fair value estimate by 4% to EUR 96 per share following a transfer of coverage. However, shares remain undervalued, in our view, as we believe we are bullish on Sodexo’s ability to close the margin gap with Compass and the rate of first-time outsourcing by self-operators compared with the market.

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