Korian is an actor on the temporary and permanent dependency care market in France, Germany and Italy. Co. offers and develops services related to dependency through its retirement homes (116 as of Dec 31 2009), follow-up care and rehabilitation facilities (35 as of Dec 31 2009) and psychiatric clinics (11 as of Dec 31 2009). Co.'s operations can be divided into four geographical segments: Medical and Social activity in France (retirement homes); Sanitary activity in France (follow-up care, rehabilitation, psychiatry and home medical care); Italy; and Germany.
  • TickerKORI
  • ISINFR0010386334
  • ExchangeEuronext Paris
  • SectorHealth Care Equipment & Services
  • CountryFrance
Christophe-Raphaël Ganet

Korian : Q2 sales in line / COVID impact of € 58m on H1 EBITDA – no guidance but sharp improvement since June – positive opinion maintained

>Q2 hit by the coronavirus (notably in Italy) - Q2 sales totalled € 934.9m (+4.4% and -1.6% l-fl-l), i.e. € 1,877m, for H1. Excluding Italy, organic growth stands at +1.4%. EBITDAR at the end of June amounted to € 443m (23.6% of revenue) and € 463m, restated for the exceptional charges linked to COVID-19. EBITDA stood at € 407m or € 227m excluding IFRS 16 vs € 258m in H1 2019, impacted by COVID. Net profit combines several parameters (COVID costs, one off costs linked...

Christophe-Raphaël Ganet

Korian : CA T2 en ligne / Impact COVID de 58 M€ sur l’EBITDA S1 – Pas de guidance mais amélioration nette depuis juin – Opinion positive maintenue

>T2 impacté par le coronavirus (en Italie notamment) - Le CA T2 atteint 934.9 M€ (+4.4% et -1.6% à ptc.), soit 1 877 M€, pour le S1. Hors Italie, l’organique ressortirait à +1.4%. L’EBITDAr à fin juin se monte à 443 M€ (23.6% des revenus) et 463 M€, une fois retraité des charges exceptionnelles relatives à la COVID-19. L’EBITDA ressort à 407 M€ ou 227 M€ hors IFRS 16 vs 258 M€ au S1 2019, impacté par la COVID. Le RN cumule plusieurs paramètres (coûts COVID, one off li...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities nearing potential resistance Helped by support from global central banks and improving trade headlines, critical support levels have held for major global indexes and therefore our outlook remains constructive. At the same time, just because these indexes are not breaking down does not mean they are headed higher. Rather, we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with ...

Matthieu DRIOL

Analyse court terme - KORIAN : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 34,74 € et 35,50 €. La tendance serait invalidée sous le support à 27,30 €.

Matthieu DRIOL

Short term view - KORIAN : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €34.74 and €35.50. The trend would be invalidated below the support at €27.30.

Matthieu DRIOL

Short term view - KORIAN : Prices are still making progress.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €34.74 and €35.50. The trend would be invalidated below the support at €27.30.

Matthieu DRIOL

Analyse court terme - KORIAN : Les cours progressent toujours.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 34,74 € et 35,50 €. La tendance serait invalidée sous le support à 27,30 €.

Bruno de La Rochebrochard

Korian: Q2 revenue: further improvement in organic growth continues with dynamic bolt-on acquisitions

Brief Comment - Korian: (BUY, Fair Value EUR33 (+12%)) Q2 revenue: further improvement in organic growth continues with dynamic bolt-on acquisitions

Korian Promesses: 1 director bought

A director at Korian Promesses bought 41,372 shares at 32.261EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of ...

Christophe-Raphaël Ganet

Korian : Q2 sales in line / COVID impact of € 58m on H1 EBITDA – no guidance but sharp improvement since June – positive opinion maintained

>Q2 hit by the coronavirus (notably in Italy) - Q2 sales totalled € 934.9m (+4.4% and -1.6% l-fl-l), i.e. € 1,877m, for H1. Excluding Italy, organic growth stands at +1.4%. EBITDAR at the end of June amounted to € 443m (23.6% of revenue) and € 463m, restated for the exceptional charges linked to COVID-19. EBITDA stood at € 407m or € 227m excluding IFRS 16 vs € 258m in H1 2019, impacted by COVID. Net profit combines several parameters (COVID costs, one off costs linked...

Christophe-Raphaël Ganet

Korian : CA T2 en ligne / Impact COVID de 58 M€ sur l’EBITDA S1 – Pas de guidance mais amélioration nette depuis juin – Opinion positive maintenue

>T2 impacté par le coronavirus (en Italie notamment) - Le CA T2 atteint 934.9 M€ (+4.4% et -1.6% à ptc.), soit 1 877 M€, pour le S1. Hors Italie, l’organique ressortirait à +1.4%. L’EBITDAr à fin juin se monte à 443 M€ (23.6% des revenus) et 463 M€, une fois retraité des charges exceptionnelles relatives à la COVID-19. L’EBITDA ressort à 407 M€ ou 227 M€ hors IFRS 16 vs 258 M€ au S1 2019, impacté par la COVID. Le RN cumule plusieurs paramètres (coûts COVID, one off li...

Christophe-Raphaël Ganet

Korian : Feedback from the AGM

>AGM: no scoops - At the AGM, management very much placed the focus on: 1/ the supply situation (diversification into residential services, home care services, formation of healthcare unit, multi-specialist approach, small units, renovation of the network, etc.); and 2/ ESG commitments: i/ local offering, improving the carbon footprint (HQE construction), training (qualifying training for 8% of staff by 2023 vs 4% now, training of key 1,000 managers over three years),...

Christophe-Raphaël Ganet

Korian : Compte rendu d’Assemblée Générale

>Assemblée Générale : pas de scoop - Lors de l’AG, la Direction Générale a énormément insisté sur : 1/ l’évolution de l’offre (diversification vers les services résidentiels, services à domicile, construction de pôle de santé, multi-spécialiste, petites unités, rénovation du parc…) ; 2/ les engagements RSE : i/ offre de proximité, baisse de l’empreinte carbone (construction HQE), formation (formation qualifiante pour 8% des effectifs d’ici 2023 vs 4% actuellement, for...

Christophe-Raphaël Ganet

ODDO : Update to our estimates and rescaling of our target prices

>COVID-19: a stress test - The sector has come under tremendous strain: more than 10,000 elderly people have died from COVID-19 (about the same number as in the 2003 heat wave) in nursing homes, on top of patients who died at home or in hospital.While the Paris region (nearly 20% of the number of facilities among listed operators vs. 9-10% of the French nursing home network) was hard hit, at end-May, the three operators (Korian, LNA and Orpéa) said two-thirds of ...

Maxime Kogge

Orpea : A direct exposure to the pandemic but a credit impact limited at this stage

The number of deaths from Covid-19 at French social and healthcare facilities (which principally consist of retirement homes) has reached 6,524, according to the latest figures announced by the French general director for health, Jérôme Salomon, in his daily update. This figure compares with 680,000 residents at nursing homes in France. But it can also be compared with the total number of deaths caused by Covid-19 in France (17,167 to date): as such, social and healthcare facilit...

Maxime Kogge

Orpea : Une exposition directe à la pandémie mais un impact crédit peu matériel à ce stade

Le nombre de décès rattachés au Covid-19 dans les établissements médico-sociaux (qui comprennent principalement les maisons de retraite) en France s’élève 6 524 selon les dernières données communiquées par le directeur général de la santé Jérôme Salomon dans son point quotidien. Ce chiffre est à comparer aux 680 000 résidents des Ehpad de France. Mais il peut aussi être comparé au nombre total de décès rattachés au Covid-19 en France (17 167 à date) : les établissements médico-so...

Tony Lebon

Korian : Recommandation relevée à Achat sur l’ODIRNANE

Nous updatons notre recommandation sur l’ODIRNANE suite au roadshow crédit Korian que nous avons organisé dans nos locaux. - Depuis notre initiation de couverture le 19 juin dernier, le cours de l’action Korian a progressé de +12% (de 35,26 EUR à 39,40 EUR), alors que le prix de l’ODIRNANE n’a augmenté que de +4% (ask price : de 45,75 EUR à 47,75 EUR), ce qui représente un peu plus d’un tiers de la performance de l’action alors que le delta de la convertible était d’environ 50% en...

Tony Lebon

Korian : Recommendation raised to Buy on ODIRNANE bond

We are updating our recommendation on the ODIRNANE bond following the Korian credit roadshow that we organized at Oddo BHF HQ in Paris. - Since our initiation of coverage on June 19, the Korian share price has risen by +12% (from EUR 35.26 to EUR 39.40), while the ODIRNANE price has increased by only +4% (ask price: from EUR 45.75 to EUR 47.75), which represents a bit more than one third of the share's performance, while the convertible delta was around 50% in June. - Given this el...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 23/10/2019 - Casino, BPER - Ubi Banca, Eramet- EN

Casino (O/P On Short Term Bonds, M/P On Long Term Bonds): Obtains New Secured Bank Loans, Downgrade Of Its Rating By Moody's BPER (O/P vs M/P) - UBI Banca (O/P): Rumours of A Merger Eramet (M/P): Confirms its Production Targets Softbank (M/P): $5bn Additional Funding Injected Into Wework Peugeot (O/P) - Q3-19: Revenues Up 1% To €15.6bn Crown European Holdings (M/P): Issued A €550m 3NLC 0.875% Bond Boston Scientific: 8Y Senior Unsecured Bond issue planned Akzo Nobel (M/P) - 9M19: EBITDA Of €1.0bn (+29%)

Christophe-Raphaël Ganet ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 06/24/2020

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent performan...

Christophe-Raphaël Ganet ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 24/06/2020

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, tandis...

Christophe-Raphaël Ganet ...
  • Martial Descoutures
  • Pierre Tegner
  • Sebastien Malafosse
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/12/2020

...

KORIAN SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of KORIAN SA (FR), a company active in the Health Care Providers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 3, 2020, the closing price was EUR 33.34 and its potential was estimated at EUR 38.26.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Pierre-Antoine Bourgoin

Korian - Assemblée Générale des actionnaires du 22 Juin 2020

La société a décidé de ne plus distribuer de dividende au titre de l'exercice 2019, contre 0,66€/action initialement prévu. Face à l'impact de la crise sanitaire, dont les conséquences sont encore difficilement quantifiables, Proxinvest est favorable au fait de repousser les prises de décision sur le dividende, aux réductions ou suspensions qui permettraient aux entreprises d’éviter des risques de liquidité ou de ne pas générer de risque pour leur survie. Ainsi, nous recommandons l'approbation (résolution 3). Cette crise sanitaire aura également pour conséquence de réduire de 25% la rémunérat...

Jehanne Leroy

Korian - Assemblée générale des actionnaires du 06 juin 2019

RémunérationsPar rapport à la précédente politique de rémunération, en termes de montants et de structure, la société ne propose aucune modification. Cependant, elle améliore sa communication puisqu’elle décrit (dans un communiqué publié sur son site) la nature des critères qualitatifs qui seront utilisés dans le cadre du bonus, ce qu’elle ne faisait pas précédemment. Par ailleurs, elle a ajouté un critère RSE à son bonus 2019 (conformément aux recommandations du code Afep/Medef révisé en juin 2018 auquel la société se réfère), ce que l’on appréciera. Ces changements sont positifs. Aussi, nous...

Jehanne Leroy

Proxy Report - 14/06/2018

La politique de rémunération de Mme Boissard souffre toujours d’une faiblesse significative : la rémunération actionnariale soit basée sur des conditions de performance qui ne sont pas mesurées sur le long-terme (3 ans minimum). Cependant, la société a mis en place pour la politique de rémunération 2018 2 améliorations significatives concernant le plafonnement de la rémunération long-terme et celui des rémunérations exceptionnelles. Aussi la politique de rémunération 2018 semble préférable à celle mise en place pour 2017 et nous soutenons donc la nouvelle politique (résolution 7). Cependant, ...

SRI Quantitative KPIs

Les analyses Gaïa sont des analyses ESG (Environnement, Social, Gouvernance) dediees aux entreprises de tailles intermediaires (PME, ETI) françaises. Elles presentent 120 indicateurs quantitatifs sur les trois derniers exercices.

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