ELIOR: On track with 2020 Ambitions (Focus released today)
BUY-Top Picks, Fair Value EUR23 (+14%)
Summary Following H1 2015-16 results and recent developments, management is clearly stepping up the roll-out of its 2020 Ambitions plan. Although we are making no changes to our forecasts since our model takes into account future acquisitions, this move makes us increasingly confident in management's short and medium-term guidance. Based on a DCF valuation using a leverage beta, we are confirming our FV of EUR23. Note that our SOTP yields a valuation of EUR24 per share.
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