Orpea: Bryan Garnier still a buyer

(CercleFinance.com) - Bryan Garnier has confirmed its "buy" rating on the Orpea stock, along with its fair value of 125 euros, stressing that international expansion outside Europe may be seen as a new engine of growth for the company.


The broker stresses that after an accelerated international expansion, the dependency care group is now targeting new countries - particularly in Latin America, with an initial foothold in Brazil.

Moving into a new country is based on three criteria that must be in adequacy (purchasing power, labour costs and real estate costs) in order to obtain an EBITDAR margin of between 25% and 35%, it says.



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