Orpea: Solid margin expansion in 2012, same trajectory for 2013, EUR0.60 dividend

BUY, Fair Value EUR38 (+18%)

News published on March Wednesday 27, 2013
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Orpea reported 2012 results confirming the trend towards margin expansion (+40bps, 13.6% recurring EBIT margin). For 2013, the company targets a margin expansion. The main leverage ratios declined versus June 2012 with adjusted gearing at 1.2x vs 1.3x. Finally, Orpea maintains its 33% payout ratio leading to a EUR0.60 dividend per share.

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