Oddo confirms its 'neutral' rating on LNA Santé, with an unchanged target price of 36 euros.

According to the analyst, operating sales in 2023 should approach 725 ME, with sales from mature facilities close to 633 ME (+6% / guidance: at least '+6% organic') and sales from ramp-up facilities close to 90 MEe (vs. 78 ME in 2022).

The broker adds that 2023 is not likely to be a year of intense external development, as the sector is in a transition phase, and multiples are still considered too high given the sector's specific risk profile.

Oddo believes that, while the inflationary environment may make the operator's business less profitable in the short term, "LNA Santé's business model, governance and quality of care place it among the sustainable players".

What's more, 'LNA Santé's financial situation is healthier than that of Orpéa or even Korian, which have to hold back their Capex to meet banking or financial market requirements', concludes Oddo.

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