Orpea : A l'avant-poste de la crise sanitaire, en première ligne pour la reprise ?
L'émission 2028 réalisée en mars a rencontré le succès avec un montant porté à 500 m EUR contre 300 m EUR initialement prévus et son spread abaissé à MS+235bps contre un price talk de 260bps. Malgré la bonne performance post-émission, nous la jugeons toujours attractive avec 70bps de prime sur l'obligation 2025 pour trois ans de maturité supplémentaire et une valorisation en ligne avec d'autres émetteurs santé comme IQVIA et Grifols. Nous restons également à l'achat sur l'OCEANE ...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.
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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