Orpéa: Oddo highlights lack of visibility
(CercleFinance.com) - Oddo maintains its neutral rating on Orpéa shares, having slashed its target price for them from 26.
7 euros to 16 euros.
While the opening of 1,547 beds in the first half of the year and the 10.9% increase in revenues are highlighted by the analyst, inflation and investment factors have caused a 6-point drop in margins.
Oddo adds that it has lowered its estimates (EBITDA: E820m vs. E1,000m for 2022, E873m vs. E1,058m for 2023), given the capex that Orpéa will have to make.
The analyst points out the lack of visibility, adding that refinancing fears have not disappeared. The group's new financial management is questioning the accounting options previously adopted and in this game, there may still be many surprises.
After the share slumped from about 21 euros to under 17 euros yesterday, it is down a further 1.4% this morning.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
7 euros to 16 euros.
While the opening of 1,547 beds in the first half of the year and the 10.9% increase in revenues are highlighted by the analyst, inflation and investment factors have caused a 6-point drop in margins.
Oddo adds that it has lowered its estimates (EBITDA: E820m vs. E1,000m for 2022, E873m vs. E1,058m for 2023), given the capex that Orpéa will have to make.
The analyst points out the lack of visibility, adding that refinancing fears have not disappeared. The group's new financial management is questioning the accounting options previously adopted and in this game, there may still be many surprises.
After the share slumped from about 21 euros to under 17 euros yesterday, it is down a further 1.4% this morning.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.