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Orpea SA
(EMEIS)
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Rating:54Neutral
Price Target:
€13.00
▼(-0.61% Downside)
Action:Reiterated
Date:08/04/26
The score is primarily held back by fragile financial quality—continued net losses and very high leverage despite improving cash generation—partly offset by an upbeat earnings call with raised guidance and clear operational progress. Technicals are mildly supportive with the stock trading above key moving averages, while valuation metrics provide limited support due to negative earnings and no stated dividend yield.
Positive Factors
Organic growth and occupancy
Improving occupancy and pricing are strengthening the core care-facility revenue base across mature markets. Higher utilization supports better operating leverage, while organic growth indicates that performance is not dependent solely on acquisitions or asset disposals.
Negative Factors
Profitability remains negative
The company has not yet reached sustainable net profitability, so improved operating results are still being absorbed by financing and other costs. Continued losses weaken retained capital and leave the recovery dependent on further margin gains and disciplined execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Organic growth and occupancy
Improving occupancy and pricing are strengthening the core care-facility revenue base across mature markets. Higher utilization supports better operating leverage, while organic growth indicates that performance is not dependent solely on acquisitions or asset disposals.
Read all positive factors
Orpea SA (EMEIS) vs. iShares MSCI France ETF (EWQ)
Market Cap
€2.07B
Dividend Yield0.84%
Average Volume (3M)220.95K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth3.92%
EPS Growth31.20%
CountryFR
Employees84,600
SectorGeneral
Sector StrengthN/A
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)-1.64
Shares Outstanding161,440,050
10 Day Avg. Volume231,511
30 Day Avg. Volume220,954
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)1.64
Price to Sales (P/S)0.39
P/FCF Ratio4.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.71
Revenue Forecast (FY)€6.07B
Orpea SA Business Overview & Revenue Model
Company Description
Emeis Société anonyme operates as a prominent provider of diverse healthcare services, encompassing the management of nursing homes, assisted-living facilities, specialized post-acute and rehabilitation hospitals, and psychiatric treatment centers...
How the Company Makes Money
Orpea/Emeis generates revenue mainly by operating healthcare and eldercare facilities and charging for (1) accommodation/residency and (2) care services delivered to residents and patients. The company’s key revenue streams typically include: (a) ...
Orpea SA Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 07, 2027
Earnings Call Sentiment Positive
The call conveyed a clear recovery trajectory: strong organic revenue growth (6%), meaningful occupancy gains (+~2.8 pts), significant margin expansion and large improvements in leverage (net debt reduced by ~EUR 566m and leverage down to 8.7x). Management upgraded FY guidance and outlined a credible operational program (Boost) that should drive further OpEx reductions. Offsetting these positives are remaining structural issues: the group is still reporting a negative net result (EUR -40m), cash flow was hit by one-off normalization items (working capital + EUR 94m and nonrecurring settlements ~EUR 164m), maintenance CapEx and inflation pose medium-term pressures, and net debt remains substantial. Overall, positives (revenue/margin improvement, guidance upgrade, balance sheet progress and operational levers) materially outweigh the lowlights, but the company still faces important operational and cash conversion tasks to fully normalize profitability and reduce leverage to covenant levels.Positive Updates
Revenue Growth
Like-for-like revenue grew 6% in H1 2026 (organic), driven by improved occupancy and favorable pricing; revenue increased by approximately EUR 103m year-on-year and was +3.5% on a current basis (impacted by disposals and IFRS 5 treatment of LatAm).
Negative Updates
Net Result Still Negative
Group net result remains negative at EUR -40m in H1 2026 despite a strong YoY improvement of EUR 97m, so full profitability has not yet been achieved.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Like-for-like revenue grew 6% in H1 2026 (organic), driven by improved occupancy and favorable pricing; revenue increased by approximately EUR 103m year-on-year and was +3.5% on a current basis (impacted by disposals and IFRS 5 treatment of LatAm).
Read all positive updates
Company Guidance
After a stronger-than-expected H1—revenue up €103m (6% like‑for‑like), occupancy +2.8 percentage points (above 90% in Q2; >91% H1 in mature markets), EBITDA excl. IFRS16 €228m (+46% LFL) with a 7.6% EBITDA margin before IFRS16 (up 2.2pp), net income improving by €97m to –€40m, net debt down €566m to €3.9bn and leverage 8.7x (vs 15.4x a year ago, 11.8x Dec) and €601m cash—management raised FY‑26 guidance, now targeting like‑for‑like EBITDA growth of 12–14% (vs previously slightly >10%) and reiterates a mid‑term EBITDA CAGR of 12–16% for ’24–’28; this outlook assumes continued occupancy and pricing momentum, Boost-driven OpEx savings (~2% p.a. on a ~€400m OpEx base), more selective disposals, somewhat lower H2 real‑estate gains and vigilance on inflation/headwinds, while keeping a 2029 covenant of 6.5x in view.Orpea SA Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
28
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.45B | 5.90B | 5.64B | 5.20B | 4.68B | 4.30B |
| Gross Profit | 5.03B | 4.76B | 4.51B | 655.93M | 713.73M | 922.68M |
| EBITDA | 984.75M | 740.25M | 731.55M | 2.80B | -3.45B | 646.07M |
| Net Income | -269.90M | -298.40M | -412.06M | 1.35B | -4.03B | 65.19M |
Balance Sheet | ||||||
| Total Assets | 13.36B | 12.65B | 13.41B | 13.91B | 14.49B | 17.07B |
| Cash, Cash Equivalents and Short-Term Investments | 337.00M | 337.09M | 518.72M | 692.95M | 902.99M | 957.70M |
| Total Debt | 8.02B | 8.60B | 8.86B | 9.16B | 13.38B | 12.25B |
| Total Liabilities | 11.25B | 11.25B | 11.69B | 12.02B | 16.00B | 14.74B |
| Stockholders Equity | 2.11B | 1.41B | 1.72B | 1.89B | -1.50B | 2.32B |
Cash Flow | ||||||
| Free Cash Flow | 575.41M | 514.41M | 328.61M | 216.90M | 244.74M | 331.85M |
| Operating Cash Flow | 752.82M | 680.32M | 472.05M | 366.14M | 409.73M | 753.75M |
| Investing Cash Flow | 296.65M | 354.74M | -140.43M | -318.17M | -657.49M | -1.41B |
| Financing Cash Flow | -838.68M | -1.22B | -458.08M | -259.44M | 151.81M | 718.30M |
Orpea SA Technical Analysis
Negative
13.08
Price Trends
13.96
Negative
14.19
Negative
14.04
Negative
Market Momentum
-0.34
Positive
37.80
Neutral
24.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:EMEIS, the sentiment is Negative. The current price of 13.08 is below the 20-day moving average (MA) of 13.65, below the 50-day MA of 13.96, and below the 200-day MA of 14.04, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 37.80 is Neutral, neither overbought nor oversold. The STOCH value of 24.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:EMEIS.
Orpea SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | €488.17M | 12.55 | 16.31% | 4.46% | 9.12% | 8.55% | |
66 Neutral | €338.66M | 13.83 | 7.44% | 2.91% | 13.15% | 10.30% | |
59 Neutral | €12.80B | 24.24 | 14.81% | 1.01% | 3.38% | 28.21% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €2.07B | -7.82 | -15.35% | 0.84% | 3.92% | 31.20% | |
49 Neutral | €1.42B | 99.50 | 0.35% | 5.75% | 0.99% | ― | |
49 Neutral | €1.18B | -20.48 | -4.25% | 11.04% | 2.65% | 10.24% |
* General Sector Average
FR:EMEIS
Orpea SA
12.72
1.97
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Orpea SA Corporate Events
Emeis Steps Up August Share Buybacks Under Approved Program
Aug 31, 2026
Emeis has disclosed weekly reports on its share buyback activity in August 2026, detailing purchases of its ordinary shares on Euronext Paris under a program approved by shareholders. The company repurchased a total of 50,000 shares between 3 and ...
Emeis Publishes Half-Year 2026 Financial Report
Jul 30, 2026
Emeis has filed its half-year financial report for the period from 1 January to 30 June 2026 with the French market regulator, making the document available to investors on its website and at its registered office. The move underscores the group&#...
emeis lifts 2026 targets as margins and occupancy surge
Jul 29, 2026
emeis reported a first half marked by strong operational momentum, with organic revenue up 6 percent to €3.01 billion, driven by nursing homes and international activities, and occupancy rates rising 2.8 points to nearly 90 percent. The grou...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.