Pluxee’s Impressive Market Debut

Impressive Launch in Paris On February 1st, Pluxee (PLX.PA) enjoyed a strong market debut in Paris, with shares jumping as much as 15%. This performance reflects a keen investor interest in the voucher company, which was recently spun off from the French catering giant Sodexo (EXHO.PA). Pluxee’s success comes at a time when companies are increasingly seeking ways to support their employees during the cost-of-living crisis without resorting to wage increases.

Market Valuation By midday, Pluxee’s shares had climbed to 27.9 euros, a 7.5% increase from the initial 26 euro reference price set by Euronext. This surge in share price pushed the company’s valuation to approximately 4.1 billion euros, highlighting its strong entry into the market.

A Global Presence Pluxee boasts a significant global footprint, operating in 31 countries and serving over 500,000 clients. This has made it the largest listing by market capitalization on Euronext in the current year, injecting optimism into the European capital markets, which have seen a downturn in initial public offering proceeds over the past two years.

Strategic Growth Plans In January, Pluxee outlined its ambitious strategy for growth, targeting low double-digit percentage organic sales growth through 2026. The company aims to secure 1.3 billion euros in contracts from new clients annually, setting a confident tone for its future expansion.

Optimistic Analyst Outlooks Analysts like Yi Zhong from Alphavalue are bullish on Pluxee’s future, citing the company’s robust business model and strong cash generation capabilities. Although the company’s mid-term targets are viewed as cautious, there is anticipation of even better performance ahead.

Controlled Ownership The Bellon family retains significant control over Pluxee, holding approximately 42.8% of its ordinary shares and 60% of the voting rights. This ownership structure ensures that the founding family remains a major influence in the company’s strategic direction.