Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KORIAN. We currently have 8 research reports from 1 professional analysts.
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13 residents pass away, victims of flu
09 Jan 17
Korian lost up to 5% this morning after the announcement yesterday that 13 residents of a 110-room Korian retirement-home passed away (average age of 91.5 years-old), all victims of flu. However, six of the 13 victims had been vaccinated against seasonal flu. Six other residents who are showing flu symptoms are still hospitalised, while a seventh resident has been admitted to hospital as a precautionary measure. The immunisation rate within this residential home is a dramatically low 38% (against an average of 80% in the rest of Korian’s retirement homes and the Ehpad network in 2015). In December 2016, a severe outbreak of flu began in France and there have been numerous alerts sent to the public in recent weeks. The Ministry of Health announced it had opened an investigation. Korian’s reputation under pressure This stands as a hard blow for Korian since it raises questions about the quality of care given by the group’s staff and the possible lack of preventive measures taken by the retirement home (hygienic ones in particular) which is crucial for both clients and the brand’s reputation. It also raises questions about Korian’s capacity to cope with risky situations and, in this case, to manage sick and very contagious residents despite the high degree of vulnerability of Korian’s elderly residents. These dead residents may highlight that the staff were too slow in alerting there was a problem when they should have sent the sick residents to hospital or placed them in quarantine to prevent any contagion risk within the retirement home.
Strong organic growth and guidance confirmed
27 Oct 16
Following the unconvincing H1, Korian released a satisfactory Q3 slightly above consensus. It was marked by an organic growth of 4.1% yoy, while the reported growth reached 15.5%. Revenues year-to-date reached €2,224m, mainly growing in Belgium and Germany. In Germany, revenues grew by 66.3% on a reported basis thanks to the integration of Casa Reha, while Belgium saw the integration of Foyer de Lork making reported revenues rise by 12.9%.
Rationalisation already running
31 Mar 16
FY15 sales were up 16.1% (+3.2% pro forma), EBITDAR increased by 11% (-1.3% pro forma), EBITDA by 8.8% (-4.1%). Operating CF fell slightly (-0.8%). Net financial debt reached €1.6bn at 31/12/2015 including €0.6bn related to real estate. The restated debt ratio represented 3.1x EBITDA, well below its ceiling (4.5x).
EBITDA margin warning
12 Feb 16
FY15 sales were up 16.1% (+3.2% pro forma). The FY15 EBITDA margin is expected to be lower than in FY14 (c. -100bp) due to a stricter definition, by the new management of the group, of some non-current items as well as capitalised expenses and lower than expected operating performance in H2.
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 - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
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.
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”.