Oddo BHF has raised its opinion on emeis (ex-Orpea) from 'underperform' to 'neutral', with a price target raised from 12 to 15 euros, mainly on the basis of a WACC (weighted average cost of capital) lowered from 13% to 12%.
The research firm notes that the EHPAD group reported sustained organic growth of 9.6% for its first quarter, ahead of its French peers, with occupancy rates (TO) up overall, despite France.
The publication gives the impression that emeis is clearly more in line with a return to a more regular growth trajectory, thus turning the page on declining TOs, especially now that the financial restructuring has been completed", says the analyst.
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ORPEA is the European leader in global dependency care. The group operates retirement homes, follow-up care clinics, and psychiatric clinics. At the end of 2023, ORPEA had a network of 1,031 facilities (93,470 beds) located in France/Benelux/United Kingdom/Ireland (574 facilities; 45,431 beds), Central Europe (247; 24,316 beds), Eastern Europe (124; 12,764 beds), the Iberian Peninsula and Latin America (83; 10,394 beds), China (2; 154 beds) and the United Arab Emirates (1; 36 beds).
As of December 31st , 2023, the estimated value of the real estate portfolio was EUR 6.3 billion.
Net sales are distributed geographically as follows: France/Benelux/the United Kingdom/Ireland (58.4%), Central Europe (26%), Eastern Europe (9.9%), Iberian Peninsula and Latin America (5.5%) and other (0.2%).
ORPEA 
