Korian: cautious optimism from SG.
(CercleFinance.com) - After the group's interim results, followed by an investor day, Société Générale (SG) has confirmed its "hold" rating on the stock of the retirement homes management company Korian.
Without undue enthusiasm, analysts point out an unchanged roadmap and many ongoing projects. They have trimmed their 12-month target price from 32.5 euros to 32 euros.
From its interim accounts, SG particularly notes the decline in the group's EBITDAR margin in Germany, as well as the group's confirmation of its forecasts.
In addition, SG points that the investor day organised by Korian in 2016 disappointed, with a growth target of 5% through to 2019, including acquisitions, and an average 10-bp annual improvement in its normalised EBITDA margin.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Without undue enthusiasm, analysts point out an unchanged roadmap and many ongoing projects. They have trimmed their 12-month target price from 32.5 euros to 32 euros.
From its interim accounts, SG particularly notes the decline in the group's EBITDAR margin in Germany, as well as the group's confirmation of its forecasts.
In addition, SG points that the investor day organised by Korian in 2016 disappointed, with a growth target of 5% through to 2019, including acquisitions, and an average 10-bp annual improvement in its normalised EBITDA margin.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.