Into H2, JPM prefers Compass, Aramark among caterers
** Going into H2, J.P.Morgan prefers Compass CPG.L and Aramark ARMK.N to France's Sodexo EXHO.PA among caterers, due to stronger performance and contract wins
** JPM points to Compass' ("overweight") outstanding execution and leading scale as well as healthy H2 organic growth and a potential margin expansion as cost inflation eases
** Aramark ("overweight") has upside potential thanks to solid revenue growth, a strong portfolio of contracts, and an improving margin profile, JMP says
** It places Sodexo ("neutral") on its negative catalyst watch list as it sees a downside risk to its 2025 estimates
** Within meal voucher providers, JPM favours Edenred EDEN.PA ("overweight") for its balanced business model, higher profitability, solid track record, and valuation
** It cuts Pluxee PLX.PA to "neutral" from "overweight" and places the stock on negative catalyst watch list citing an "unappealing" risk-reward profile
** Pluxee's 2025-2026 guidance is looking increasingly ambitious in the context of a softer-than-expected topline momentum in H2 this year, JPM adds
Reporting by Dagmarah Mackos
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