Orpea : Spreads do not yet reflect deeply challenged business model
Orpea, which was until now the leading healthcare player in terms of financial results and ESG rating, has within a few days become the embodiment of the sector's ills. It tackles the crisis arising from the publication of the book "Les fossoyeurs" (The Gravediggers) in a situation compounded by a highly leveraged position vis-à-vis its cash generation and liquidity situation hampered by numerous short-term maturities. The risks are, in our view, focused on a fall in new entries ...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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