Pluxee: Fundamentals and Valuation

This is the second part of my analysis of Pluxee. You can find the first part here, discussing the business model and competitive advantages. Pluxee doesn’t have much of a history as a public company, being spun last month and returning -5% so far, but Sodexo has had a tough time in the previous decade (Covid was a tough time for food services). Sodexo generated 23 billion euros in FY 23, with Pluxee generating just 1.05 billion of that, and operates on a 5.6% operating margin. The company mainly does food and facility management services, so they decided to focus on the company and spin the digital platform that is Pluxee.

Although severely affected by the pandemic, Pluxee has managed to grow at a much faster pace than the parent company and started its digital transformation in 2017 with the appointment of Aurélien Sonet as CEO. Let’s examine the fundamentals and valuation of this business in more detail.