Korian: Invest hails strong growth momentum
(CercleFinance.com) - Retirement home manager Korian's FY 2018 consolidated revenues reached 3,336 million euros, up 6.
4% as reported (compared with +5.0% in 2017), above the revised growth target of 6% provided in September 2018.
Underlying Ebit reached 314 million euros, or 9.4% of sales (compared with 9.0% in 2017). Adjusted net income reached 123 million euros, up 28.1%
These results reflect the business' strong growth momentum (organic + contribution from acquisitions), as well as the deployment of the group's real estate strategy (holding rate up 19%, appreciation of the property portfolio at 1,649 million euros), Invest Securities said.
Management has raised its targets for 2019-21, aiming for sales growth of at least 8% p.a. (against +5%), inducing a 2021 sales of over 4.2 billion euros (against 3.85 billion euros expected), and a 2021 EBITDA margin of at least 15.5%, vs. 15% previously and 14.1% expected, analysts underline.
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