Compass Group (CPG.L): Updating estimates post FY23 results; PT to 2,200p; remain 2023 | 7:41PM GMT We update our estimates for Compass to reflect FY23 results, the group's change in reporting currency from GBP to USD, and recent FX moves. Overall, we raise our FY24 organic growth forecast slightly to 9.0% (previously 8.8%, in line with guidance of high-single digit organic growth), driven by a higher pricing exit rate than expected (pricing averaged c.7% over FY23), albeit partly offset by slightly lowered expectations for net new business in FY24, following the normalization of net new trends over the course of FY23. At the EBIT level, while our FY24 forecast rises by c.1% on a USD basis to $2,937mn due to a positive FX tailwind, our EBIT margin decreases by c.9bps to 7.1%, reflecting slightly less price-cost catch up than modelled previously in FY24.