Orpea: H1 results: Solid as expected. FY guidance confirmed
Orpea: (BUY-TOP PICKS, Fair Value EUR125 (+11%))H1 results: Solid as expected. FY guidance confirmed
Following H1 revenue released in July, up 10% in reported terms with an organic of 5.2% after Q2 up 5.1%, H1 results were in line with consensus expectations with an EBITDAR of EUR440m (consensus was at EUR440m with BG at EUR449m), an EBITDA of EUR290m (consensus at EUR287m with BG at EUR290m) and a net result of EUR108m (EUR105m from consensus). Management confirmed its FY 2018 guidance with a revenue of over EUR3.4bn and an EBITDA margin higher or equal to 2017. Buy confirmed.
ORPEA is a dependency, physical and psychiatric care group based in France. Co. operates long-term and short-term care facilities, including medical care facilities, medical and social care facilities and residential facilities for the elderly. Co. provides short, medium and long-term global physical and mental dependency care. Co. also operates residential facilities for disabled people of any age, hotels, and hotel-related, as well as leisure accommodation facilities. Co. operates in France and abroad (Belgium, Italy, Spain and Switzerland) in three business segments: Long-term care facilities (nursing homes); Post-acute and Rehabilitation care facilities; and Psychiatric care facilities.
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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