Self-Review & Limitations
What's Working Well
Financial data is comprehensive and sourced. 5-year financials from official filings with Pluxee distortion
properly flagged. DuPont decomposition computed from actual data. Every ratio is calculated, not copied.
Peer comparison is robust. 5 peers compared across 10+ metrics with FX conversions shown.
The Compass premium analysis (historical vs current) provides clear context for the valuation discount.
Adversarial analyst review is differentiated. Not just summarizing consensus — each thesis
is tested with counter-evidence. The NA "secular decline" refutation (Compass/Aramark growing in same market)
is the most important independent finding.
What's Incomplete or Approximate
No stock price chart. Real-time historical price data for SW.PA and peers was not available via
web research. The performance comparison (1Y, 3Y, 5Y returns) is estimated from point-in-time prices, not
continuous time series. A future iteration should pull price data from a financial API.
Industry data relies on third-party market reports. TAM estimates ($290B), growth rates (5% CAGR),
and penetration rates (45%) come from Euromonitor/IBISWorld/Technavio — different sources give different numbers.
Ranges are noted but exact precision is not achievable.
DCF beta is judgment-based. Yahoo Finance's 0.14 beta is unreliable post-Pluxee. The 0.85 used
is industry-derived with adjustments — defensible but not empirically precise. The sensitivity table mitigates
this by showing value across a wide WACC range.
What Couldn't Be Done
Universal Registration Document (URD) not accessed. The URD contains: exact revenue by client segment,
contract type mix (P&L vs cost-plus), top client concentration data, detailed working capital breakdown, and
segment-level profitability. Press releases and IR materials were used instead — adequate for most metrics but
missing granular detail on a few items (flagged throughout the research docs).
Delaporte's Sodexo compensation not yet disclosed. His package will appear in the FY2026 URD.
Assessment of CEO alignment with shareholders is incomplete without this data.
No proprietary channel checks. This analysis relies entirely on public information.
Competitor win/loss dynamics, contract pipeline quality, and employee morale are assessed from reported
metrics (retention rates, new signings), not from primary research.
Known Limitations of the Recommendation
Recommendations for Follow-Up
R1: Monitor H1 FY2026 Results (April 10, 2026)
Key data: Q2 NA organic growth, group margin trajectory, updated FY2026 guidance. This is the first real test.
R2: Attend CEO Strategic Plan (Summer 2026)
Watch for: FM review, medium-term margin targets, capital allocation changes (buyback?), technology investment plans.
R3: Pull URD When Available
Fill data gaps: client segment revenue, contract type mix, working capital detail, Delaporte compensation.
R4: Add Real-Time Price Charts
Integrate historical price data (SW.PA, CPG.L, ARMK) for visual stock performance comparison.