Orpea: Strong Q1, expansion in China
BUY, Fair Value EUR38 (+21%)
While Orpea’s share price was impacted during Q1 by French regulatory uncertainties, the company demonstrated in Q1 a strong operational performance with sales of EUR384.2, up 14.2% on a reported basis (higher than the FY guidance of 12%). Organic growth remained steady at 7%. Furthermore, Orpea unveiled plans to expand its operations in China where it intends to open a subsidiary.
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