Oddo BHF maintains its 'Underperform' rating on Orpea shares, with an unchanged target price of 0.5 euros.
Yesterday evening, the Group announced that it had sold 22 facilities in the Netherlands to Amvest Living & Care Fund for 85 million euros.
Oddo BHF points out that the Netherlands accounted for just under 4% of the Group's revenues last year, and could therefore be considered a 'non-core' country. This decision should therefore have little impact on earnings in the short term, according to the analyst.
'This news shows that the new strategy is being deployed, but we remain Underperform with an OC at 0.5 E, given the dilution effects linked to the Group's recapitalization', concludes the broker.
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ORPEA is the European leader in global dependency care. The group operates retirement homes, follow-up care clinics, and psychiatric clinics. At the end of 2023, ORPEA had a network of 1,031 facilities (93,470 beds) located in France/Benelux/United Kingdom/Ireland (574 facilities; 45,431 beds), Central Europe (247; 24,316 beds), Eastern Europe (124; 12,764 beds), the Iberian Peninsula and Latin America (83; 10,394 beds), China (2; 154 beds) and the United Arab Emirates (1; 36 beds).
As of December 31st , 2023, the estimated value of the real estate portfolio was EUR 6.3 billion.
Net sales are distributed geographically as follows: France/Benelux/the United Kingdom/Ireland (58.4%), Central Europe (26%), Eastern Europe (9.9%), Iberian Peninsula and Latin America (5.5%) and other (0.2%).
ORPEA 
