Compass Group Feedback From Roadshow With CFO

Goldman Sachs reiterates a Buy rating on Compass Group after a roadshow with the CFO highlighted record contract wins and strong commercial momentum.

Key Takeaways

• 1.Compass recently won the University of Kentucky contract, the largest in the industry, which is 50% larger than its Texas A&M benchmark.
• 2.Management reiterated confidence in sustaining 4-5% net new business growth and c.10bps annual margin expansion.
• 3.The GPO strategy is expanding to cover 90% of profits, with new focus on France and Spain following the German PCM acquisition.

Table of Contents

• Key takeaways
• Compass Group investment thesis
• Compass Group valuation & risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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