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BASTIDE LE CONFORT MEDICAL
BASTIDE LE CONFORT MEDICAL
Bastide strikes a fifth acquisition within a month
01 Feb 17
Bastide announced the acquisition of TCM Pharma (€4m of sales) located in the Paris region, specialised in the set-up and the follow-up of drip nutrition devices for patients at home. TCM Pharma’s current CEO will step down but will remain committed to the company’s development and the company’s integration (TCM to be consolidated from 1 January 2017). The acquisition is financed by a mix of cash and debt.
Strong start of the year for Bastide
12 Jan 17
In early January, Bastide announced the acquisition of four companies, all profitable, one specialised in stoma therapy and urology and the other three specialised in services dedicated to breathing assistance. The three acquisitions in breathing assistance are the following: 1) ATS (100% stake, €3m sales) located in the Auvergne-Rhône Alpes and offers medical equipment in breathing assistance. The bulk of revenues are qualified by management as recurrent; 2) Air+ Santé (100% stake, €1.7m) located in Occitanie and whose sales have been experiencing a sustained momentum; 3) Bordo2 Médical (95% stake, €0.5m of sales) in Nouvelle-Acquitaine which offers strong growth prospects. The acquisition will bulk up Bastide’s market shares and generate economies of scale in terms of procurement (medical equipment). These three acqusitions will provide Bastide with 36,000 new patients within its network. Bastide has also acquired Medsoft (100% stake, €2.6m sales), which is specialized in stoma therapy and urology, based in Ile-de-France. In this still very fragmented market, Bastide ranks in the three top players with pro-forma revenues in this segment which should reach over €20m (full year).
Strong growth driven by network expansion and acquisitions
02 Jan 17
Recommendation and upside We are initiating coverage on Bastide Group (market cap. of €174m and a free float of 44.79%) with a ADD recommendation and a target price of €26.7 (c. 12% upside). Our upside is driven by the company’s high revenue growth in a dynamic sector, the decrease in cost of borrowing, the increase in margins and the highly growing shareholders’ return. The stock has risen strongly since April to reach its all-time high (€23.25) in early August, and despite this important upside we still believe there is room for another all-time high considering the annual results in early November 2016. Business and trends Bastide Group is a French home medical equipment (wheelchairs, walking frames, specialised beds, etc.) retailer and home care services provider, specialised in small medical accessories, medical product renting and services to keep patients at home rather than hospital. The sector follows a strong and highly predictable growth trend due to the ageing population in France and Western Europe. Bastide addresses its customers through its dense and wide-spread own or franchised shop network (about 70 shops) while it also sells to an important number of establishments such as retirement homes. The services it offers (51% of revenues for services and 49% for retail) are made for patients in need of breathing assistance or nutritional drips. These services are reimbursed by the French social security, where Bastide almost exclusively does business (97% of its revenues in 2015), giving it secured revenues without credit risk. Need to know The CEO and founder of the group, now 76, might soon hand down his position to his deputy CEO who is also his son, and who has been working in various positions within the company for a long time. Even though it seems to be well planned, this could bring upheaval in the family-controlled company (55.21% of the total capital held by the family). Main drivers The company, being well established in France with a wide network, now focuses its external growth on foreign countries like Belgium and Switzerland, but some more might come. Bastide aims to see its deal sizes increase to benefit from a volume effect which is crucial to be the best positioned in terms of pricing power. Since 2010, the company has been fostering its growth thanks to acquisitions, while previously the company was mainly concentrating on opening new shops. These new acquisitions could help it develop new products and access new markets.
Consistently strong growth at a sensible price
24 Feb 17
In “Alice in Wonderland”, Lewis Carroll tells the story of a girl, who falls through a rabbit hole into a world populated by peculiar, anthropomorphic creatures. Here, Alice crosses swords with the Queen of Hearts, meets the Cheshire Cat and is invited to the "Mad Hatters” tea party, which she subsequently discovers is “stupid”.
Hardman & Co Monthly: March 2017
01 Mar 17
Most major pharmaceutical companies have reported results for 2016 during the last few weeks, providing the opportunity to update our industry statistics. For an industry that requires a long investment cycle, decisions made many years ago have consequences on current financial performance. Being able to look at performance over 20 years highlights how strategic decisions have panned out.
£21m equity raise to accelerate growth
22 Feb 17
Blindly following what others do is often a recipe for disaster. However, when an army of ‘super smart’ fund managers snap-up a big holding in a rapidly expanding small-cap that owns ‘disruptive’ technology addressing multi-$billion markets, then it is usually worth taking note. This is exactly what has happened at Kromek, a next generation radiation detection firm. Having just successfully completed its oversubscribed £20m placing and £1m open offer at 20p/share - supported by esteemed investors such as Gervais Williams at Miton (largest shareholder at 19.0%) and Katie Potts (Herald 5.35%), as well as several others such as Schroders (5.0%) and Killik (4.1%).
Interim results – adhering to international growth strategy
23 Feb 17
Interim results showed a strong performance for Tristel, 6% ahead of its AGM statement on 12 December at which it indicated adjusted pre-tax profits to be no less than £1.6m. Revenues increased by 22% (16% at constant exchange rates – CER or 12% CER excluding the impact of the Australian acquisition) and adjusted pre-tax profits were up 15% to £1.71m. Despite the strong half, we leave our full-year forecasts unchanged, given FX uncertainty and a one-off stocking order in H1 from the NHS, although at current FX rates the risk to our forecasts is considered to be to the upside. However, we raise our target price by 10% to 165p to reflect the solid progress as well as rolling forward our multiples to calendar-adjusted 2017.
N+1 Singer - Anpario - Feed for growth
24 Feb 17
Anpario’s natural animal feed additive product offering is well placed to benefit from the increasing demand for animal protein and tightening regulations around antibiotic use as growth promoters. The group is in a transition phase, building strong commercial relationships with end users, which we believe should benefit the margin. Anpario’s geographical diversity is a key positive and with a strong balance sheet there is potential for acquisitive as well as organic growth. We initiate coverage with a 354p Target Price and a Buy recommendation ahead of FY results on 8th March.
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
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