Orpea: Solid 2012 and 2013 perspectives, international bolt-on acquisitions announced
BUY, Fair Value EUR38 (+19%)
Orpea has released 2012 FY sales of EUR1.429bn (+15.8%) slightly higher than guidance for EUR1.425bn. This confirmed once again the strong resilience of Orpea with 8.2% organic growth over the year. France remained solid (86% of sales, +12.2% in 2012) while international markets (14% of sales, +44.3% in 2012) such as Belgium or Spain accelerated both organically and externally. For 2013, Orpea is targeting EUR1.600bn (i.e 12% growth) where we expect organic growth of around 7%. 2000 beds are to be opened in 2013 in high quality locations. In the release, Orpea also announced two acquisitions of 900 beds in Belgium and 200 beds in Italy, thereby bolstering the company's strategy to target add-on acquisitions.
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