(News Bulletin 247) – Oddo confirms its ‘neutral’ rating on LNA Santé, with an unchanged target price of 36 euros.

According to the analyst, the 2023 Operation activity should approach 725 ME with in particular a turnover of the mature park close to 633 ME (+6% / guidance: at least ‘+6% organic’) and a ramp-up turnover of the park- up close to 90 MEe (vs 78 MEe in 2022).

2023 should not be a year of intense external development because the sector is in a transition phase and the multiples are still considered too high given the reading of the sector-specific risk, adds the broker.

Oddo believes that if the context of inflation makes the exercise of operator less profitable in the short term, ‘LNA Santé presents a model of establishment, governance or quality of care which places it among the sustainable actors’.

In addition, ‘the financial situation is healthier than Orpéa or even Korian, which has to retain its Capex to meet banking or financial market requirements’ concludes Oddo.

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