Emeis (AO) | Hold | H1-26 revenues preview

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Emeis (AO) | Hold | H1-26 revenues preview

Emeis Hold | Target Price: EUR16.00

Company description Management

Emeis is one of Europe’s leading dependency-care operators, with more than Laurent Guillot, CEO

90,000 beds across nursing homes, rehabilitation clinics, mental-health facilities Guillaume Pepy, Chairman

and homecare services in 19 countries. Following a major governance and Jean-Marc Boursier, Deputy CEO

reputational crisis, the group has undertaken a deep operational and financial

transformation focused on deleveraging, restoring care quality, strengthening Key shareholders

governance and progressively rebuilding profitability through occupancy Free float 49.79% Consortium-led Caisse des Dépôts 50.21%

recovery and tighter cost control.

Investment case Valuation methodology

Occupancy recovery and cost optimisation should progressively Opco/Propco valuation framework based on 2028E profitability

rebuild margins and cash generation. and property valuations.

Refinancing and disposals significantly reduced balance-sheet 8x Opco EBITDA multiple, in line with recent healthcare

and liquidity risk transactions and 5% property discount.

Emeis still offers meaningful recovery potential despite elevated We retain 12% discount factor reflecting execution and rate

execution and valuation risks. risks.

Catalysts Risks to our rating

(+) Further occupancy improvement in France and abroad (-) Slower margin recovery due to reimbursement or wage

supporting operating leverage. pressure.

(+) Better execution on staffing and central cost optimisation (-) Higher interest rates negatively impacting property values

(-) Worsening healthcare real estate market dynamics. and financing costs.

(+) Faster operational recovery and deleveraging could support

further upside.

Key data charts