Korian : A vehicle of recurring results but at a fair valuation
>Initiation of Korian's coverage on the credit side with a Neutral reco. - We are adopting a Neutral recommendation on the Korian ODIRNANE bond (with a call in 2023). Even though we like the recurring nature of the issuer's revenue and profitability, the ODIRNANE bond is at its fair value on a spot basis today and the prospective upside is limited on the basis of our equity analyst’s target price on the stock. But we do not exclude, for our part, a return (w...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.
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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