Emeis edges down as inflation, weak occupancy hit 2023 core profit
17/04/2024 09:54
** Shares in Emeis ORP.PA fall 1.5%, paring losses after
falling as much as 4.2%, as high inflation and
lower-than-expected occupancy rate at its French nursing homes
hit the care home group's full-year results
** Emeis, formerly known as Orpea, posts 2023 EBITDAR
falling 10% to 696 million euros ($740 million)
** "emeis/Orpea's FY23 (ending in December 2023) key
underlying results were more or less in line with our estimates
but our projected staff costs were still too optimistic,"
AlphaValue analyst Yi Zhong told Reuters
** Emeis also cuts 2024 EBITDAR target to 800-835 million
euros, vs 891 million euros forecast in November, citing lowered
"operating assumptions" in France
** The stock is down nearly 35% YTD
($1 = 0.9410 euros)
(Reporting by Stéphanie Hamel)
((stephanie.hamel@thomsonreuters.com))