Bastide : Coming out of convalescence to regain lost leeway
The stock price has plunged since consensus began to see the group’s debt burden as excessively heavy and quite crippling. Having embarked on a deleveraging process with disposals to reduce leverage, Bastide should enter a positive phase marked by very healthy growth momentum in services, fuelled by margin-boosting mix effects. We are raising our rating to Outperform from Neutral and lifting our target price to € 27 from € 25.5.Bastide le Confort Medical is a holding company. Through its subsidiaries, Co. is engaged in the home health care industry. Co. retails and rents medical equipment and provides medical services. Products include breathing apparatus, orthopedic shoes, walking aids and wheelchairs, home appliances and furniture adapted to the needs of the lesser able, with the recent addition of equipment related to perfusion and nutrition. Co. operates through a number of outlets concentrated mainly in the South of France, offering advice and information to customers along with the provision and maintenance of medical equipment.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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