Oddo BHF maintains its 'underperform' rating on Orpea shares, with a price target lowered from 0.03 to 0.02 euros.
The Group reported quarterly revenues (Q4) of €1,346 million, up 11.7% (+9.7% cc). Full-year sales reached 5198 ME (+11% and +9.5% cc.). The company estimates its 2023 EBITDAR at 690ME and its pre-IFRS EBITDA at 200ME (vs. 210 ME previously guided).
Although Orpea has not issued a guidance for 2024, the consensus is for a growth trajectory of 5.4%, i.e. sales of 5,477 ME.
Orpéa is nearing the end of its refinancing, i.e. recapitalization. This will be followed by a reconfiguration of the scope of consolidation, with (non-strategic) asset disposals, which we understand are currently being reviewed", stresses the broker, for whom a return to the share price seems premature at this stage.
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ORPEA is the European leader in global dependency care. The group operates retirement homes, follow-up care clinics, and psychiatric clinics.
At the end of 2022, ORPEA had a network of 992 facilities (90,860 beds) located in France (358 facilities; 33,462 beds), Benelux/the United Kingdom/Ireland (193 facilities; 10,708 beds), Central Europe (237 facilities; 23,765 beds), Eastern Europe (124 facilities; 12,764 beds), the Iberian Peninsula and Latin America (79 facilities; 10,007 beds) and China (1 facility; 154 beds)
The group has a real estate portfolio of nearly 2.3 million m2 with a value of EUR 6,500 million.
Net sales are distributed geographically as follows: France/Benelux/the United Kingdom/Ireland (59.9%), Central Europe (25.6%), Eastern Europe (9.3%), Iberian Peninsula and Latin America (5.1%) and other (0.1%).
ORPEA 
