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Investing.com - Bernstein analyst has initiated coverage on Clariane SE (EPA:CLARI) with an Outperform rating and a price target of EUR6.80.
The healthcare company has successfully completed its €1.5 billion balance sheet reinforcement program that began in November 2023, culminating with the disposal of its independent living support network Petit Fils in June.
Clariane’s operational leverage is estimated to reach 2.7x by the end of 2025, below its target of 3.0x, which has enabled the company to regain access to debt markets, as demonstrated by its €400 million bond issuance completed on June 24.
Despite challenges in the healthcare sector over the past five years—including the COVID pandemic, inflationary pressures, real estate downturn, and reputational issues following the Orpea (EPA:EMEIS) scandal—Clariane maintained solid top-line growth of 6.8% LFL CAGR from 2021 to 2024.
Bernstein projects a conservative top-line CAGR of just over 4% for 2026-29 due to persistent weak demographics, before anticipating improvement in the next decade that could boost Clariane’s top-line growth to at least 5% annually.
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