Financials EMEIS

Equities

EMEIS

FR001400NLM4

Healthcare Facilities & Services

Real-time Euronext Paris Other stock markets 15:22:23 05/07/2024 BST			5-day change	1st Jan Change
12.91 ^EUR	+0.39%		+12.42%	-23.60%

06-04	ORPEA : Integrating the detailed FY23 figures
06-04	Emeis: sale of real estate assets in Ireland	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,380	6,946	5,691	398.9	2,195	1,670	-	-
Enterprise Value (EV) ¹	14,710	15,239	16,866	12,926	10,711	9,180	7,879	6,461
P/E ratio	32.7 x	44.1 x	87.2 x	-0.1 x	0.13 x	-0.01 x	-0.01 x	0.01 x
Yield	1.14%	0.84%	-	-	-	-	-	6,609%
Capitalization / Revenue	1.97 x	1.77 x	1.33 x	0.09 x	0.42 x	0.31 x	0.28 x	0.26 x
EV / Revenue	3.93 x	3.89 x	3.94 x	2.76 x	2.06 x	1.68 x	1.31 x	1.02 x
EV / EBITDA	15.5 x	16.4 x	16.3 x	17.1 x	16.4 x	10.6 x	8.4 x	6.49 x
EV / FCF	-70 x	-72.2 x	32.6 x	51.5 x	49.4 x	22.5 x	9.72 x	5.48 x
FCF Yield	-1.43%	-1.38%	3.07%	1.94%	2.03%	4.44%	10.3%	18.3%
Price to Book	2.45 x	1.99 x	1.5 x	-0.27 x	-	0 x	0 x	0 x
Nbr of stocks (in thousands)	64.6	64.6	64.6	64.6	129,867	129,867	-	-
Reference price ²	114,300	107,550	88,100	6,172	16.90	12.86	12.86	12.86
Announcement Date	17/03/20	16/03/21	11/03/22	12/05/23	07/05/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,740	3,922	4,285	4,681	5,198	5,452	5,994	6,349
EBITDA ¹	949.4	926.5	1,037	756	651.5	866.9	938.1	995.3
EBIT ¹	503.7	422.9	395.7	-49	-16	-6.8	100.9	-
Operating Margin	13.47%	10.78%	9.24%	-1.05%	-0.31%	-0.12%	1.68%	-
Earnings before Tax (EBT) ¹	325.7	210.3	105.8	-4,591	1,400	-30	-	-
Net income ¹	233.8	160	65.18	-4,027	1,355	-291.6	-175.2	136
Net margin	6.25%	4.08%	1.52%	-86.03%	26.07%	-5.35%	-2.92%	2.14%
EPS ²	3,492	2,440	1,010	-62,330	130.0	-1,670	-900.0	860.0
Free Cash Flow ¹	-210	-211	517	251	216.9	407.5	810.4	1,180
FCF margin	-5.61%	-5.38%	12.06%	5.36%	4.17%	7.47%	13.52%	18.58%
FCF Conversion (EBITDA)	-	-	49.85%	33.2%	33.29%	47.01%	86.38%	118.54%
FCF Conversion (Net income)	-	-	793.1%	-	16.01%	-	-	867.5%
Dividend per Share ²	1,300	900.0	-	-	-	-	-	850.0
Announcement Date	17/03/20	16/03/21	11/03/22	12/05/23	07/05/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q3	2022 Q1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 Q2
Net sales ¹	1,904	2,018	2,069	1,110	1,148	1,192	2,312	1,181	1,234	1,305
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	21/07/20	16/03/21	20/07/21	03/11/21	05/05/22	20/07/22	20/07/22	08/11/22	07/08/23	07/11/23

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,330	8,293	11,175	12,527	8,516	7,510	6,209	4,791
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.721 x	8.951 x	10.78 x	16.57 x	13.07 x	8.663 x	6.619 x	4.814 x
Free Cash Flow ¹	-210	-211	517	251	217	408	810	1,180
ROE (net income / shareholders' equity)	7.8%	5.01%	1.79%	-	-	-11.4%	-7.3%	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	46,678	54,090	58,825	-23,236	-	15,015	14,620	15,060
Cash Flow per Share ²	6,586	11,382	11,679	6,342	35.00	309,320	-	-
Capex ¹	651	915	1,271	159	149	198	210	-
Capex / Sales	17.41%	23.33%	29.66%	3.39%	2.87%	3.64%	3.51%	-
Announcement Date	17/03/20	16/03/21	11/03/22	12/05/23	07/05/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for EMEIS

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

12.86 EUR

Average target price

11,725 EUR

Spread / Average Target

+91,060.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Residential & Long-Term Care

	1st Jan change	Capi.
EMEIS	-23.60%	1.81B
NATIONAL HEALTHCARE CORPORATION	+20.34%	1.72B
BROOKDALE SENIOR LIVING INC.	+25.60%	1.42B
AMVIS HOLDINGS, INC.	-26.52%	1.37B
SIENNA SENIOR LIVING INC.	+25.85%	778M
ARVIDA GROUP LIMITED	-17.27%	407M
SONIDA SENIOR LIVING, INC.	+213.87%	399M
MEDITERRANEAN TOWERS LTD.	-12.74%	311M
HUMANA AB	+19.54%	170M
GOLDEN HOUSE LTD	+38.03%	90.06M

Residential & Long-Term Care