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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Research reports on
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
Demanding targets exceeded
17 Jan 17
Sinclair is a pure-play aesthetics company with a concentrated and highly competitive portfolio of differentiated injectable aesthetics products, which target unmet clinical needs for effective, high quality, longer duration, natural looking and minimally-invasive treatments, which is a significant growth opportunity. Sinclair has an established sales and marketing presence in Europe, direct sales in Brazil, and operates through an international group of distributors in other markets, including SE Asia and the US. With the benefit of a strong balance sheet, Sinclair is investing in an accelerated growth phase and margin expansion.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.