(Boursier.com) — Bastide fell another 5% to 19.50 euros this Friday, which brings the stock’s correction to 20% since the start of the week and the announcement of the dissolution of the National Assembly. The tension in rates observed in recent days on the markets is particularly weighing on indebted groups…
Given the good dynamics observed in particular in the home health services market, the group for its part confirmed its 2023-2024 outlook. Bastide is therefore targeting an annual turnover of €520 million (adjusted for scope effects) and a current operating margin at least equal to that achieved for the 2022-2023 financial year, i.e. 8.4%.
The group has also confirmed its desire to accelerate its reduction in debt in the short term by relying on targeted asset sales, like that of Distrimed or those underway in Switzerland, and on the progression of its free operating cash flow. Bastide has already entered into active discussions with its banking partners for the refinancing of its current syndicated loan (the major maturities of which are still far away, in 2026) in order to extend the maturity of its debt and to secure on in the long term all of its financing…
Portzamparc is aiming significantly higher on the stock, namely 30 euros, while the analyst believes that current prices still constitute “an excellent entry point” due to the numerous catalysts presented by the file (announcement of large contracts to follow , new transfers, debt, etc.). Enough to also adjust its organic growth scenario with turnover expected at 523 ME (+7.2% in oraganic) with an operating margin maintained at 8.6%. The discount is estimated at 45%, considered excessive in every way by the analyst. For its part, AlphaValue remains long on Bastide, targeting a price of 27.50 euros…
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