Orpea : Price premium on comps at all-time highs
We recommended subscribing to the first non-convertible bond issued by Orpea in February 2018. However, after an initial phase of outperformance, we adopted a Neutral stance in January 2019. The potential for a further tightening seemed limited in our view, as we were not expecting credit metrics to improve given the group's expansion strategy. - The opposite happened as the bond gained more than 7 pts and the spread is currently close to its record low at 135bp. However, credit me...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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