KORIAN: Sustained and guidance confirmed. Buy confirmed but TP downgraded to EUR35 | BUY | EUR35 vs. EUR44
KORIAN - BUY | EUR35 vs. EUR44Sustained and guidance confirmed. Buy confirmed but TP downgraded to EUR35
Strong results with solid balance sheet and guidance confirmed
TP of EUR35, based on PropCo/OpCo valuation
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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