Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
​HomeVi, France’s third-largest nursing home operator, posted a solid set of 1Q16 results with organic sales up 3.8% yoy to €219m and EBITDA up €3m at comparable basis to €23m. The company made further progress in improving the performance of the French network (87% of sales), as well as integrating the new Spanish business (13% of sales). In France, with an occupancy rate improving 1.8pts yoy to 95.1%, the company believes that it is nearing a ceiling, and has thus shifted the focus t...
​Organic revenues grew 2.9% yoy to €225m, against +2.4% in 3Q15. Given the lack of authorizations for new homes in France (87% of revenues), a trend set to last, organic growth was fuelled by existing operations. However, while the occupancy rate kept rising, daily rates stalled, reflecting in our view low pricing power in certain areas. This was also the first quarter of full contribution from Spain’s Geriatros, which was acquired in October and is now making up 13% of revenues.
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