(Boursier.com) — country house fell 3.4% to 38.2 euros after its midpoint. Indirect victim of the case that is shaking the addiction care sector, the title of the home health provider has lost nearly 12% over the last five sessions. The Gard group reported a slight increase in half-year turnover of nearly +1% to 223 ME despite an unfavorable base effect linked to the impact of the health crisis on the 1st half of the financial year. previous.
At the end of its first half-year, the Group reconfirms its revenue target of €460 million on a like-for-like basis, accompanied by a current operating margin of over 8.3%, given the favorable development of the product mix and despite price reductions in Respiratory (sleep apnea) and Diabetes services. In the current context, the Group will accelerate its external growth strategy in order to strengthen its positions both internationally and in more technically demanding businesses, less dependent on regulatory pricing pressures.
Portzamparc evokes a quality publication given the unfavorable base effect. In line with the first quarter, the product mix continues to improve. In addition, the group confirms its desire to accelerate its external growth strategy. A ‘purchase’ on the title, the broker lowers its target from 58.6 to 55 euros.
By being cited among the suppliers of medical devices, Bastide finds himself associated, despite himself, with the book “Les Fossoyeurs”, and indirectly affected in particular on the back margin component, which penalizes him on the stock market, underlines Oddo BHF. 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. If the book’s allegations were true, Bastide would potentially risk the loss of customers (in the event of the disappearance of the rear margins, for example). For the rest of the controversy, the analyst thinks that even public hospitals best allocate their purchasing expenses, and that Bastide’s contracts with its Ehpad customers are private rights contracts, in which transparency is not not total. In the short term, this could weigh on the stock and reduce the effects of M&A announcements. The broker thus remains ‘neutral’ on the value’.
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