(Boursier.com) — Bastide Le Comfort Medical stands out in the morning, on a gain of 5% to 29.5 euros. The group specializing in home health services reported quarterly revenue of 130.6 million euros, up +12.8% and +9.1% organically. Given the good business momentum, the Group confidently reiterated its annual revenue targets of around €510 million and current operating margin of more than 8.3% for the year.
As announced when the half-year results were published, the improvement in operating free cash flow, already visible in the first half, remains a major priority with the aim of initiating, from the second half, the Group’s debt reduction and freeing up new financial resources for selective external growth operations targeting international markets as well as recurring and high value-added activities.
Evoking an ‘online publication’, Portzamparc adjusts the target from 41.6 to 40 euros and remains on the ‘purchase’. Oddo BHF goes on to ‘outperform’ following these announcements with a target price lowered from 37 to 35 euros. The stock presents a configuration that has become more favorable again: Bastide delivers solid organic growth, in particular on its strategic axes, and shows signs of assertive financial discipline; the guidance seems secure and the visibility profile (on-board growth/improving cash generation) quite reassuring; and after the stock’s decline, the multiples seem affordable (PE: 8x), even if the free float remains narrow.
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