本报告研究对象为康帕斯集团（Compass Group PLC，CPG.LN，欧洲商业服务）。伯恩斯坦指出，尽管康帕斯基本面自FY19以来改善约70%，而股价仅上涨约30%，当前估值却低于历史水平：FY27E EV/EBIT为14.4倍，而10年平均为20.6倍，折价约30%。报告认为市场对净新业务增长可持续性及利润率扩张的担忧被夸大——近期增长主要来自客户留存率提升，利润率亦在国际业务带动下持续改善。反向推算显示，当前股价仅隐含1-3%的有机收入复合增速和几乎为零的利润率提升，均低于彭博一致预期（FY2026-30E收入CAGR约6.5%-7.1%）。公司估值仅比索迪斯（Sodexo）高7%。报告维持"跑赢大盘"评级，目标价由37.8美元上调至40.3美元，对应约36%的上行空间。
Following the release of our 4 September 2026 report on Sodexo: What Is Already Priced Into the Stock?, a number of investors have asked us the same question about Compass. So, why is Compass trading at below its historical valuation despite arguably presenting the strongest fundamentals in its history? Since FY19, its fundamentals have improved by ~70%, while the share price has risen only ~30%. We believe investor concerns over the sustainability of net new business growth and margin expansion are overstated. Recent growth has been driven primarily by stronger client retention, while margins have continued to improve, particularly at the international level. But the current valuation still implies a much weaker growth and profitability outlook than either the Bloomberg consensus or our forecasts. We raise our PT to $40.3. Stronger fundamentals than the share price suggests, with revenue and EBIT up ~70% since FY19 while the share gained just ~30%. Margins are still improving, support