Korian: H1 results: Ahead consensus with guidance upgraded
Korian: (BUY, Fair Value EUR33 (+9%))H1 results: Ahead consensus with guidance upgraded
Following H1 revenue released on 26th July, up 6% in reported terms to EUR1,634m with organic growth at 2.9% after 3% in Q2, Management announced sustained results substantially ahead consensus with notably an EBITDA of EUR228m (consensus at EUR216m with BG at EUR221m), up 9.2% vs. last year representing a margin of 13.9% (+40bp). Current net result was up 26.3% at EUR52m (consensus EUR41m). Confirming that the action plan engaged two years ago will be pursue while first measures delivered results, Management is now targeting revenue growth of c.6% (vs. at least 5.5%) and expects a stable EBITDA margin at 14% (vs. a slight erosion). 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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