Orpea’s supportive Q2 sales update, the restoring occupancy rate and the reiterated FY21 revenue guidance continue to rebuild the market’s confidence.
Companies: Orpea (ORP:EPA)Orpea SA (ORP:PAR)
Orpea announced six acquisitions in Europe and revised upward its FY21 revenue expectation, which has been appreciated by the market for its strategic sense.
Orpea’s in line quarterly sales update and reiterated FY21 revenue guidance are not expected to have a major impact on consensus.
Orpea’s FY20 results were in line with analysts’ expectations and stronger than our estimates. The FY21 outlook comes nonetheless 2% lower than consensus. The pipeline remains ambitious.
The world’s leading long-term care services provider Orpea announced its FY20 revenue of €3,922m with 4.9% growth (0% organic), which corresponds to the market’s expectations. Meanwhile, it released positive signals including the encouraging vaccination progress and an enterprising plan of new openings.
Companies: Orpea SA
Orpea once again announced in line and supportive FY results. We remain confident in its solid fundamentals. However, we worry about the extent the current Coronavirus pandemic could affect the group’s business model, knowing that Orpea now needs to face double the risks on healthcare and property.
Orpea released satisfying H1 19 results, reconfirmed its FY goals and claims to continue broadening its international real estate portfolio.
Orpea has released FY18 results and FY19 revenue guidance in line with consensus expectations.
The good news was the group has continued its aggressive international expansion by acquiring a 50% stake in a Chilean nursing home market leader and a 20% stake in a Brazilian market leader, both with a call option to buy out the remaining interest within five years.
We are upbeat about the accelerating development in this fast-growing and relatively immature Latin America market.
Orpea has released reassuring FY 18 top-line growth and an encouraging FY 19 outlook.
Revenue came in at €3.4bn (+9% yoy), in line with consensus expectations, and the company reiterated its FY18 EBITDA margin guidance “higher than the 2017 level” (17.5%).
On the back of the solid growth momentum and strong pipeline development, Orpea now expects sales to reach €3.7bn (+8.2%) for FY 19.
Q3 revenue came in at €865m (+8.5% yoy), slightly above consensus expectations (€860m, +7.9% yoy).
Orpea has announced the acquisition of German Axion Group and the JV (75% owned by Orpea) to build up its presence in the German upscale nursing homes segment.
Orpea confirmed its FY top-line guidance (over €3.4bn, total growth of +8.3%) and upgraded its EBITDA margin from “higher or equal to its 2017 level” to “higher than in 2017”.
Q2 18 revenues came in at €847m (+9.4% yoy), slightly above consensus.
The figures were mainly driven by the solid organic growth of 5.1% (vs. consensus of 4.9%), together with the contributions from the acquisitions in Austria, Germany, and the Netherlands.
2018 FY guidance remains unchanged:
• Revenue of €3.4bn (total growth of +8.3%)
• EBITDA margin of at least around 17.5%
Q1 revenue was up 10.7% vs. consensus of 9.8%, which was supported by both solid organic growth and continuing selective expansion in Europe.
Q4 revenues were €816m (+10.8%, organic +5.7%), broadly in line with consensus estimates.
Guidance 2018: revenue at €3.4bn (+8.3%), with an EBITDA margin at least the same as in 2017.
Q3 revenues were €797m (+10.0% yoy, organic +4.9%), in line with consensus estimates.
Orpea reiterated its 2017 guidance of 10% revenue growth, at over €3,125m, with a margin improvement.
H1 EBITDAR was at €407m (+10.3% yoy), in line with consensus estimates. EBITDA came in at €259m (+17.4% yoy; margin +100bp to 17.0%), beating consensus; net profit was €96m (+27.1% yoy), beating market expectations.
This net profit excludes the €143m expense from the mark-to-market of the ORNANE derivative, which should be offset in H2 17.
Orpea confirmed its 2017 guidance of 10% revenue growth, at over €3,125m, and expects a margin improvement.
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