Orpea: FV upgraded following Vitalis acquisitionBUY, Fair Value EUR76 vs. EUR72 (+7%)
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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