Orpea reported a passable level of Q3 revenue, thanks to a progressive occupancy recovery and meaningful price increases. However, the group trimmed further its earnings outlook for the mid-term, mainly to reflect the additional initiatives to rebuild the quality of services and high inflationary pressure, and subject to steeper price increases. We will cut our estimates but we do not expect major changes to our target price as the latter still relies only on the NAV, as a transitionary measure ....
