Pluxee N.V.: Limited EPS Accretion and Regulatory Uncertainty Justify Hold Rating

In a report released today, Hannes Leitner from Jefferies maintained a Hold rating on PLUXEE N.V., with a price target of €11.50.

Hannes Leitner has given his Hold rating due to a combination of factors related to Pluxee N.V.’s current trajectory and risk‑reward profile. While the company is progressing with its €100m share buyback program and has already completed roughly two‑thirds of it, the recent repurchases around €11 per share only modestly enhance earnings per share and do not, on their own, justify a more constructive stance.

In addition, Leitner’s updated model incorporates recent operating trends, foreign‑exchange effects, and a changed split between first‑ and second‑half growth, but these adjustments leave the full‑year outlook largely unchanged. He also continues to factor in the anticipated full impact of Brazilian regulatory changes by FY26, which introduces an additional layer of uncertainty and caps upside relative to consensus, supporting a neutral, Hold recommendation for PLX at this time.