Orpea : Une prime au plus haut sur les comparables
Nous avions recommandé de souscrire à la première obligation non convertible émise par Orpea en février 2018. Nous avions toutefois adopté une position neutre en janvier 2019 après une première phase de surperformance. Le potentiel de resserrement supplémentaire nous paraissait en effet limité car nous n’anticipions pas d’amélioration des ratios de crédits à cause de la stratégie d’expansion du groupe. - C’est le contraire qui s’est produit puisque l’obligation a gagné plus de 7pts...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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