PARIS (Reuters) – Korian fell on the Paris Stock Exchange on Wednesday to post the largest drop in session ever recorded since its listing at the end of 2006, after the publication of annual results and forecasts for 2023 deemed disappointing.
At 09:25 GMT, the action of the group of retirement homes dropped 17.7% to 7.85 euros, by far the largest drop in the SBF 120, down 0.76% at the same time.
The group announced Tuesday evening for 2022 a turnover up 6.2% in organic data, to 4.53 billion euros and an Ebitdar – earnings before interest, taxes, depreciation, amortization and restructuring costs or rent – 1.09 billion, up 1.8% over one year.
For 2023, organic growth is expected at more than 8% thanks to recent establishment openings and rate increases to offset rising costs.
But the Ebitdar should be stable, reflecting “the effects of the passage without margin of the inflationary increase in costs and the rebasing of wages in the turnover”, explained the group.
In a note, Jefferies analysts point out that Korian’s Ebitdar in 2022 came out 5% below consensus despite revenue in line with expectations. Ebitdar’s forecast for 2023 is also below consensus, they add.
(Written by Blandine Hénault, edited by Kate Entringer)
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