Five months after his arrival, Philippe Salle, with his rejuvenated management team coming from various backgrounds, presented Elior’s strategic plan for 2020. With a focus on food, the objective is to seek top 3 positions in selected markets and/or segment with a better balanced footprint by countries and/or business lines and offer a wide range scope of opportunities to stand out notably using digital technology to adapt the offer. The financial targets for 2020 are to generate revenue between EUR7bn and EUR8bn (organic/acquisitions), an EBITDA margin between 9% to 10% (8.4% in 2015 expected), FCF/EBITDA between 45% and 50% (around 35%), a P/O ratio at least 40% and a financial leverage ratio of around 2.5x (3x in 2015e). Management’s objective is to be at the top of the range in these brackets while our current forecasts are at the bottom (2020 revenue of EUR7.25bn, EBITDA margin of 9%). Positive opinion confirmed.