(CercleFinance.com) – The group announced a turnover for the 2nd quarter of 114.9 ME (-0.9% and -5.3% at ptc.), i.e. a turnover for the 1st half at 223 ME (+0.8% and -3% at ptc). Following this announcement, Oddo confirms its neutral advice on the value with a target of 48 E.
‘ We will only make 3 comments: 1/ T2 is little different from our estimate. This quarter marks a sequential slowdown, as expected: -0.9% and -5.3% (vs. +2.7% and -0.1% in Q1). 2/ Services activities (ARD and NPDS: 55% of turnover) show the best dynamics. 3/ We are not modifying our projections’ indicates Oddo.
The analyst indicates that his forecasts are slightly above the group’s guidance: 472 MEe (against 460 ME guided) for a current operating margin of 8.5% against 8.3%.
‘ The overall activity linked to private, public or associative EHPADs represents less than 17% of French turnover, and none of the customers in this sector represent more than 5% of annual turnover. In the short term, this could weigh on the title and reduce the effects of ‘M&A announcements’ adds the analysis office.
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