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雷达卡
【出版时间及名称】：2009年12月英国餐饮行业研究报告（免费)
【作者】：德意志银行
【文件格式】：PDF
【页数】：30
【目录或简介】：
Table of Contents
Review of 2009................................................................................... 3
Headline performance...............................................................................................................3
Reported vs. organic growth ....................................................................................................3
Margins – Sodexo continues to drift .........................................................................................5
Food Service & Facilities Management mix..............................................................................9
2010 outlook..................................................................................... 10
Current trading statements – how the companies see 2010 ..................................................10
Revenue growth remains under pressure...............................................................................11
Currency impact less favourable than in 2009 ........................................................................12
New business and M&A.........................................................................................................12
Forecasts – post 2009 finals............................................................ 13
Compass................................................................................................................................13
Sodexo...................................................................................................................................13
What could go wrong with our forecasts?..............................................................................14
Modelling sensitivities ............................................................................................................15
Compass Group - Buy ..................................................................... 17
Conclusion ..............................................................................................................................17
Valuation ................................................................................................................................17
Risks ......................................................................................................................................18
Sodexo - Hold .................................................................................. 21
Conclusion ..............................................................................................................................21
Valuation ................................................................................................................................21
Risks ......................................................................................................................................23
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