Pluxee's third-quarter update shows the initial effects of new meal-voucher regulations in Brazil, which will likely weigh on the French employee-benefits provider's earnings in the coming quarters, Bernstein's Sabrina Blanc says in a research note. The company reported a 3.3% decline in revenue on an organic basis, which compares with company-compiled consensus expectations of a 4.3% fall. A more gradual implementation of the Brazilian regulation--which aims to increase competition in the sector--helped mitigate an adverse economic environment in Europe, she adds. "Given Pluxee's depressed valuation, the question of whether the company will stay listed remains, even though a delisting seems unlikely," Blanc says. "Pluxee has only been listed for two years, and we assume it is still too early to consider such a move." (adria.calatayud@wsj.com)