Orpea: share collapses with Oddo noting no guidance
(CercleFinance.com) - Oddo maintains its "neutral" rating on Orpea shares, with an unchanged target price of 16 euros.
The broker has reviewed the group's interim results, highlighting the decline in margins (EBITDA margin: 18.1% vs. 24.1% - underlying operating margin: 3.6% vs. 11.1%).
In itself, the abnormally low margin levels are no longer surprising, although they contribute, along with a lack of guidance, to limiting the visibility that the consensus can have on future normative profitability, Oddo says.
Against this backdrop, Oddo expects 2022 sales of around 4,610 million euros, up 7.3% (vs. consensus of 4,602 million euros and +7.1%), with an EBITDA margin of 17.9% (consensus 20.3%).
The share is in a spin this afternoon, down 18%.
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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.
The broker has reviewed the group's interim results, highlighting the decline in margins (EBITDA margin: 18.1% vs. 24.1% - underlying operating margin: 3.6% vs. 11.1%).
In itself, the abnormally low margin levels are no longer surprising, although they contribute, along with a lack of guidance, to limiting the visibility that the consensus can have on future normative profitability, Oddo says.
Against this backdrop, Oddo expects 2022 sales of around 4,610 million euros, up 7.3% (vs. consensus of 4,602 million euros and +7.1%), with an EBITDA margin of 17.9% (consensus 20.3%).
The share is in a spin this afternoon, down 18%.
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.