Report
Bruno de La Rochebrochard

KORIAN - BUY | EUR44(+39%) Figures that exceed all expectations. Guidance upgraded (Feedback CC)

KORIAN - BUY | EUR44(+39%)
Figures that exceed all expectations. Guidance upgraded (Feedback CC)

Strong organic revenue growth driven by outpatient expansion in France…
…with substantial margin improvement
Normalisation underway thanks to vaccination
Short and medium term guidance revised upwards
Underlying
Korian SA

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.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Bruno de La Rochebrochard

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