Korian: Feedback RS: Still things to be done but on the right track
Korian: (BUY, Fair Value EUR38 (+21%))Feedback RS: Still things to be done but on the right track
Group strategy will continue to be focus on its four markets where the group wants to strengthen growth potential densifying the offer notably in outpatient or growing in unmet needs of less dependent seniors. Pending such development, the action plan largely focus on HR and real estate should continue to deliver results after first benefits registered in H1. Current financials leaves room to pursue the group ambition notably based on bolt-on acquisitions. Note that the opening of a fifth European country is not exclude. Buy confirmed.
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.
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.
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