Bryan, Garnier & Co's News

Orpea: FV upgraded following Vitalis acquisition

BUY, Fair Value EUR76 vs. EUR72 (+7%)
News published on
September Monday 28, 2015


Beyond the strong H1 results, Orpea’s expansion strategy is again illustrated with the acquisition of Vitalis in Germany to strengthen its platform with 2,487 recently-built beds, o/w 295 under construction, in 25 facilities. Vitalis is expected to generate EUR58m of total revenue in 2015 with an EBITDA margin of 6%. The objective in the next three years is to reach a total revenue of EUR80m with an EBITDA over 10%. Taking into account this new acquisition, which will be consolidated from January 2016, we have adjusted our estimates and move our FV to EUR76.


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