Clariane (AO) | Hold | H1-26 results preview

Research evidence excerpt

Clariane (AO) | Hold | H1-26 results preview

Clariane Hold | Target Price: EUR4.70

Company description Management

Clariane is the European leader in dependency care, operating nursing homes, Sophie Boissard, CEO

specialty clinics and homecare services across six countries with France Remy Boyer, Deputy-CEO

representing 40% of its activity. It addresses the growing needs of ageing Grégory Lovichi, CFO

populations through a diversified healthcare platform. The group is undergoing a Key shareholders

strategic transformation focused on deleveraging, operational recovery and Free float 43.15%

simplifying its portfolio following several years of margin pressure and balance Crédit Agricole Assurances 26.03%

sheet stress. HLD 25.22% Leima Valeurs 5.60%

Investment case Valuation methodology

Improving occupancy and central cost savings should Opco/Propco valuation based on 2028E operating and property

progressively support margin recovery from 2026 onward. assumptions.

Successful disposals and refinancing materially reduced balance Opco valued at 8.0x 2028E EBITDA, in line with recent healthcare

sheet risk and liquidity concerns. transactions

Recovery remains constrained by regulated pricing, inflation PropCo valued using Cushman & Wakefield estimates adjusted

pressure and still elevated leverage. by a 5% discount.

Catalysts Risks to our rating

Progressive normalization of occupancy rates. (+) Faster-than-expected margin recovery through pricing and

Delivery of central cost-saving programmes. occupancy improvements.

Additional debt refinancing extending debt maturities. (-) Higher sovereign yields further pressuring real estate asset

valuations.

(-) Lower public reimbursement increases failing to offset cost

inflation.

Key data charts