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Orpea (EPA:ORP) |
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WIKI ANALYSIS
ORPEA Act, Societe Anonyme (euronext:ORP, pink:ORPEF) is one of the largest retirement homes operator in the world with a market cap (US1.85 billion dollars (April 4, 2011) twice that of the leading US nursing homes operator Kindred Healthcare. It runs over 300 nursing homes with more than 30,000 beds. Its activities extend throughout Western Europe (except Germany and the United Kingdom) and encompass a broad range of services including rehabilitation (short term) and psychiatric and nursing home facilities and the services provided (long term). In 2009 the company had an EBITDA margin over 20% (7% net profit), 19,322 employees, and €469.2 million in revenue/turnover in the first half of 2010 (16.1% increase). Revenue growth averaged 29% per year since 2005 (2006 revenue was about half of 2009 revenue).[1] Subsidiaries are Clinea and Grupo Care. Abroad it operates in Spain, Beligum, Switzerland. A lot of its rehabilitative and long term care clinics in Italy were sold in April 2009 to Istituto di Riabilitazione. June 17, 2008 it sold the Grand Pre Clinic, a healthcare services provider to Gecina medical real estate division Gecimed.
The company is based in Paris, France.
Company Overview
Originally private France's biggest commercial retirement home operator, ORPEA made a couple of big moves in 2010 which gave it a presence outside of France. In October it acquired 4,866 nursing home beds (1,056 in Belgium) at 57 locations from Philippe Austruy for US$178 million.[2] The deal (financed by a €114 million capital increase and 8.3% of ORPEA's shares being held by Philippe Austruy) gave it the Mediter Group in France as well as 49% of the Medibelge Group in Belgium. That move increased the share share of its business coming from nursing homes (was 63.9% in 2008 when it operated 144 nursing home houses and 45 psychiatric and rehabilitiation clinics).[3]
Since 2005 it made five acquisitions most of which were an attempt to expand outside of France. They include the 2006 takeover of Grupo Care which gave it 15 retirement homeos (1504 beds) in Spain (3 in Madrid which were added to the following year in a deal for Residencias Penagrande SL),[4] In 2009 it sold a lot of its Italian rehabilitation clinics to Gecimed the medical real estate division of Gecina.
Business & Financials
| 2005 | 2006 | 2007 | 2008 | 2009 | 1hfy10 | |
|---|---|---|---|---|---|---|
| Revenue €mil | 309.0 | 415.0 | 544.6 | 702.3 | 843.3 | 469.2 |
| 2005 | 2006 | 2007 | 2008 | 2009 | 1hfy10 | |
|---|---|---|---|---|---|---|
| Operating Profit | 43.8 | 57.2 | 72.4 | 95.0 | 115.5 | 62.5 |
| 2005 | 2006 | 2007 | 2008 | 2009 | 1hfy10 | |
|---|---|---|---|---|---|---|
| Net Income | na | 32.4 | 41.2 | 48.4 | 61.0 | 32.5 |
References
- ↑ orpea financial information in English
- ↑ Orpea Surges on Two Acquisitions, Raised Sales Target (2010-10-19).
- ↑ Orpea buys into French and Belgian nursing home markets (2010-10-21).
- ↑ ORPEA acquired the Spanish group Grupo CARE Sept. 15, 2006
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