(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating for Korian shares, with an unchanged target price of 35 euros.
1st quarter turnover came to 1,094 ME, up 7% organically, a dynamic that reflects a volume effect (+514 beds in the 1st quarter of 2022 against +132 beds in the 1st quarter of 2021) and a improving occupancy, today around 89% on average.
‘The group would therefore still have nearly 4 points to gain (in terms of occupancy rate, editor’s note), which is not necessarily consistent with the figures mentioned orally during previous conf calls but, except for LNA Santé, neither Korian nor Orpéa have not given precise figures, in reality, since the start of the Covid crisis…’, notes Oddo.
The analyst also mentions a return to the pre-crisis EBITDA level possibly ‘slower than expected’, despite the optimization measures (sales of establishments, real estate policy, yield management, etc.).
Despite everything, the broker believes that the way out of the crisis is taking shape and that the slight increase in the dividend (0.35 E vs. 0.3 E) sends ‘rather a signal of confidence’.
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