PLUXEE N.V. (FR:PLX)
:PLX
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PLUXEE N.V.
(PLX)
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Rating:73Outperform
Price Target:
€13.00
▲(7.35% Upside)
Action:ReiteratedDate:04/16/26
The score is driven primarily by solid underlying financial performance (growth and profitability improvements) and attractive valuation (low P/E with a meaningful dividend). Offsetting factors are leverage-related balance-sheet risk and earnings-call risks centered on Brazil regulatory uncertainty and near-term pressure in non-core segments; technicals are supportive but appear somewhat stretched.
Positive Factors
Core Employee Benefits Growth
Sustained double-digit organic growth in the Employee Benefits core signals durable demand for PLUXEE’s multi-sided program platform. Recurring employer-funded flows and record new client wins expand gross transaction volume and create sticky revenue that supports multi-quarter visibility and scaling benefits.
Negative Factors
High Leverage / Low Equity Ratio
A structurally high leverage profile constrains financial flexibility and increases vulnerability to revenue shocks or rising funding costs. Even with good ROE, heavy debt dependence can limit investment optionality and force tighter liquidity management if cash generation weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Core Employee Benefits Growth
Sustained double-digit organic growth in the Employee Benefits core signals durable demand for PLUXEE’s multi-sided program platform. Recurring employer-funded flows and record new client wins expand gross transaction volume and create sticky revenue that supports multi-quarter visibility and scaling benefits.
Read all positive factors
PLUXEE N.V. (PLX) vs. iShares MSCI France ETF (EWQ)
Market Cap
€2.45B
Dividend Yield2.91%
Average Volume (3M)152.91K
Price to Earnings (P/E)6.3
Beta (1Y)0.99
Revenue Growth6.36%
EPS Growth48.97%
CountryFR
Employees5,368
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.78
Shares Outstanding147,174,700
10 Day Avg. Volume122,880
30 Day Avg. Volume152,906
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)6.82
Price to Sales (P/S)1.96
P/FCF Ratio8.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€13.75Price Target Upside13.54% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)1.48
Revenue Forecast (FY)€1.26B
PLUXEE N.V. Business Overview & Revenue Model
Company Description
Pluxee N.V. offers employee benefits and engagement solutions services in France, Latin America, Continental Europe, and internationally. The company provides employee benefits comprising meal, food, gift, mobility, training, and wellness benefits...
How the Company Makes Money
PLUXEE makes money by operating multi-sided benefit programs that connect (1) corporate/public clients who fund benefits, (2) employees/beneficiaries who spend them, and (3) merchants who accept them. Revenue is primarily generated through: (a) Se...
PLUXEE N.V. Earnings Call Summary
Earnings Call Date:Apr 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call highlighted a strong first half with solid organic top-line growth, record new client wins, substantial margin expansion, high cash conversion and an improved net cash position — signaling execution strength and resilience of the Employee Benefits core. Offsetting this are meaningful near-term challenges: regulatory uncertainty in Brazil with potentially large revenue/cost impacts, temporary weakness in Other Products & Services (Public Benefits phasing and UK/US strategic exits), Q2 growth moderation and currency headwinds. Management has outlined mitigation actions (client renegotiations, cost reductions, open-loop rollout, legal action) and reiterated full-year objectives, but Brazil remains the primary material risk for H2.Positive Updates
Total Revenues Growth
Total revenues reached EUR 655 million in H1 FY2026, up +5.6% organically (reported +3.0% including -3.6% currency impact and +1% scope).
Negative Updates
Brazil Regulatory Headwinds and Uncertainty
Regulatory reform of the Workers' Food Program (PAT) in Brazil poses material risk: company assumes full implementation from H2 and indicates Brazil revenues could be materially reduced (management referenced a potential ~50% reduction in Brazil in a worst-case endgame) and expects Q3 operating revenue growth in Latin America to turn negative as a result.
Read all updates
Q2-2026 Updates
Positive
Negative
Total Revenues Growth
Total revenues reached EUR 655 million in H1 FY2026, up +5.6% organically (reported +3.0% including -3.6% currency impact and +1% scope).
Read all positive updates
Company Guidance
Management reaffirmed fiscal 2026 objectives—assuming full implementation of the Brazilian PAT reform from H2—targeting stable total revenues on an organic basis, a slight organic expansion in recurring EBITDA margin, and recurring cash conversion of around 80% on average over FY2024–2026 (float revenue guidance for FY26 ranges from a slight organic decrease to a slight organic increase). That guidance is backed by H1 delivery (total revenues €655m, +5.6% organic; Employee Benefits €500m, +9.4% organic; recurring EBITDA €242m, +12.9% organic; recurring EBITDA margin 37%, +229 bps organic; recurring operating EBITDA margin 28.1%, +268 bps organic; recurring free cash flow €210m, 86% cash conversion; net financial cash €1.270bn, +€107m) and by specific financial assumptions: full‑year CapEx roughly 9% of revenues (H1 CapEx €44m, 6.8% of revenues), average investment yield 6.1% (H1, +10 bps), financial income/expenses between -€15m and -€10m, an effective tax rate ~31.4%, adjusted EPS €0.78 (+6.8% ex‑OIE in H1), and continuation of the €100m share buyback (~64% executed). Management cautioned that Brazil mitigation actions are underway but that, in a downside end‑state, Brazil revenues could be cut by roughly 50% and would require commensurate cost reductions to preserve local EBITDA margin, and they expect Latin America operating revenue growth to turn negative in Q3 as the reform phases in.PLUXEE N.V. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
60
Neutral
Cash Flow
70
Positive
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.29B | 1.21B | 1.05B | 842.00M | 731.00M |
| Gross Profit | 371.00M | 361.00M | 430.00M | 445.00M | 331.00M | 282.00M |
| EBITDA | 484.00M | 464.00M | 338.00M | 263.00M | 303.00M | 219.00M |
| Net Income | 205.00M | 197.00M | 133.00M | 81.00M | 174.00M | 117.00M |
Balance Sheet | ||||||
| Total Assets | 6.47B | 6.40B | 5.95B | 5.67B | 5.30B | 4.68B |
| Cash, Cash Equivalents and Short-Term Investments | 3.31B | 3.31B | 2.23B | 3.10B | 2.77B | 2.33B |
| Total Debt | 1.29B | 1.27B | 1.18B | 1.31B | 553.00M | 334.00M |
| Total Liabilities | 5.98B | 5.93B | 5.59B | 5.63B | 4.59B | 3.99B |
| Stockholders Equity | 393.00M | 369.00M | 258.00M | 42.00M | 699.00M | 684.00M |
Cash Flow | ||||||
| Free Cash Flow | 263.00M | 311.00M | 322.00M | 443.00M | 143.00M | 113.00M |
| Operating Cash Flow | 362.00M | 409.00M | 438.00M | 559.00M | 221.00M | 184.00M |
| Investing Cash Flow | -562.00M | -395.00M | -270.00M | -7.00M | 46.00M | -109.00M |
| Financing Cash Flow | -84.00M | -17.00M | -213.00M | -43.00M | 6.00M | 60.00M |
PLUXEE N.V. Technical Analysis
Positive
12.11
Price Trends
10.93
Positive
11.68
Positive
13.85
Negative
Market Momentum
0.27
Negative
69.26
Neutral
91.84
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:PLX, the sentiment is Positive. The current price of 12.11 is above the 20-day moving average (MA) of 10.79, above the 50-day MA of 10.93, and below the 200-day MA of 13.85, indicating a neutral trend. The MACD of 0.27 indicates Negative momentum. The RSI at 69.26 is Neutral, neither overbought nor oversold. The STOCH value of 91.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:PLX.
PLUXEE N.V. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €2.45B | 6.30 | ― | 2.91% | 6.36% | 48.97% | |
69 Neutral | €118.22M | 4.67 | 11.16% | 1.30% | 23.95% | 173.40% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | €6.10B | 15.45 | 10.25% | 1.88% | 4.83% | 52.47% | |
63 Neutral | €958.27M | 10.36 | 17.70% | 3.03% | 9.51% | 26.07% | |
62 Neutral | €5.91B | 8.98 | 18.37% | 6.20% | 1.16% | 314.94% | |
52 Neutral | €2.19B | 42.52 | 10.54% | ― | 18.03% | 3.43% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.