Overall, we think today's Meta contract win should support sentiment and, despite investors likely remaining focused on delivery given Sodexo's mixed track record, limited credibility and the ~36% re-rating since April's H1 reset, we would expect the shares to be up today. That said, any upside could be modestly capped by a further FY 27 margin reset — potentially signalling some price investment, which may not be well received given the industry's thin margins — and while the FY 30 targets look broadly in ...