LNA Santé (1K) | Buy | The GARP profile in French long-term care

研报英文原文证据摘录

LNA Santé (1K) | Buy | The GARP profile in French long-term care

till depends heavily on pricing discipline, occupancy

gains, and cost control in a regulated and inflationary environment.

Emeis (Hold, TP of EUR16, 10% upside) remains the most complex and highest-risk recovery case

in the sector.

The group is now mainly controlled by a consortium led by the Caisse des Dépôts et Consignations

(CDC), alongside MAIF, MACSF, and CNP Assurances, giving the shareholder base a strong quasi-

public and mutual profile.

Emeis combines a deep operational turnaround story, starting from structurally low margins and

occupancy rates, with still significant financial leverage and large exposure to healthcare property

valuations. While the group has materially stabilised its balance sheet through almost EUR1bn of

disposals and refinancing, extending maturities beyond 2030, profitability remains well below

peers, particularly in France.

Emeis nevertheless offers the strongest operational recovery potential if occupancy

normalisation, staffing optimisation, and cost-efficiency measures are successfully executed. At

the same time, the group remains highly sensitive to interest rates and property valuations, with

real estate still representing around 63% of our fair value.

Table 8: Summary

Mkt cap Rating Current price Target Price % upside YTD performance

LNA Santé 337 Buy 31.5 42.0 33% 29%

Emeis 2,352 Hold 14.7 16.0 10% 2%

Clariane 1,468 Hold 4.1 4.7 14% 5%

Source: Kepler Cheuvreux

Overall, the sector increasingly differentiates between quality growth profiles and recovery

situations.

Today, LNA Santé appears as the highest-quality and most defensive operator, combining

structural growth, family ownership, M&A optionality, and balance-sheet strength.