ISIN code: FR0000035370
Symbol: BLC
extreme Courses 6-month: 7.34 / 10.56 EUR
Number of shares outstanding: 7,340,600
Market compartment: C
Shareholding reference (source Bloomberg)
SIB: 49.29%
Guy Bastide: 9.52%
Family Bastide: 5.61%
Lazard Frères Gestion: 8.19%
Palatine Asset Management: 1.55%
Sogeposte: 0.85%
SGAM: 0.54%
Degroof Management: 0.51%
AGF Asset Management: 0.23%
COVEA Finance: 0.23%
Aviva Asset Management: 0.18 Alcyone Finance
%: 0.16%
Chaussier Management: 014%
Bastide Le Confort Medical: annual results for FY 2008/2009 below expectations!
Presentation
Bastide Le Confort Medical was founded in 1977 by Guy Bastide, the current CEO. The company was a pioneer in France, in the development of care and home care. With his success and wishing to leave the regional framework, Bastide enters the stock market in 1997 on the secondary market and decided to combine external growth (11 buyouts in the sector since May 1997, including allowing Confortis Bastide become a true national player) and organic (developing own agency). The group now has about 80 branches in France.
Bastide is now 32 years after its creation, selling and leasing (services) of medical equipment for individuals (the elderly, disabled and sick) and professionals (nurses, doctors ...) and Community Health (EPHAD, retirement homes, nursing homes ...).
Sale:
At the retail segment (4 large families)
Products bedsore mattresses, mattress pads, pillows, bandages specific ...
Products Incontinence Products
support mobility: wheelchairs ...
-comfort products and hygienic products, toilet aids and mobility, relaxing armchairs ...
In terms of sales professionals and community health
Products for health professionals: sheets and Couches, gloves, small instruments, needles, cleaning and disinfection ...
Products for Community Health: Products disinfection and hygiene medical room facilities medicalized
...
Provision of services (rental):
level professionals and individuals
L-respiratory assistance: provision of a wide range of equipment and services tailored to the different respiratory diseases (including oxygen tanks, concentrators, and respirators ).
-Home care: provision of home care equipment (hospital beds, patient lifts, wheelchairs, support products to anyone ...) to improve daily life.
-Nutrition - Infusion: provision of infusion pumps mainly to nutrition and insulin to enable continuity of care at home.
At its financial communications company is advancing the 3 activities which include sales and services to individuals and professionals alike. They are:
-respiratory activity
-L activity Nutrition -
Perfusion-The activity Homecare
Latest News
Bastide le Confort Medical, a specialist in sales and rental of medical equipment issued on November 5 last year results 2009. They posted a net profit of 2.24 million euros for a turnover on the year of 96.8 million euros.
Analysis
level of turnover:
In the release half year results 2008-2009, the group gave Bastide organic annual growth target of between 5% and 10%. The annual turnover amounts well below this original goal. Sales growth was limited to 2% on the year. Thus, Bastide recorded on the financial year 2008/2009 activity 96.7 million euros against 94.84 million euros on a rolling year. Yet beyond this slight increase, it should be noted that the second half is negative. It shows a decline of 6.64%. S2's overall billing amounts to 45.43 million euros against 48.65 million euros on the S2 2007/2008.
The turnover is distributed to 30/06/2009 at 56.54% in sales material and 43.46% in benefits services.
As announced in the analysis of H1 2008/2009, the group has faced in Bastide legislative and regulatory change on EPHAD. This new legislative framework is now directly related to nursing homes and suppliers of equipment as medical Bastide. This change has impacted heavily engaged Keeping Home Business. The main activity of Bastide with 67.01% of sales has a negative trend on the S2. Indeed, the S1 2008/2009 had increased by 12% in the activity remain at home, while the whole of 2008/2009 ended with a 1% drop to 64.8 million euros! The company explains this contrast by the fact that the activity Maintain Restaurants in communities (affected by regulatory reform) has been affected by a significant decrease its sales volume by 11.4% to 26.7 million euros due to unfavorable comparison base. The S2 2007/2008 have benefited from the post reforms, had contributed to an important phase of equipment. This decrease is therefore a priori momentary!
In contrast, the activity Maintain Restaurants in stores recorded a robust growth with increased activity of +8% to 38.1 million euros over the past year. Bastide also highlights in this activity, the success of the exercise of its own brands. They account for 20.9 million euros Continued activity at home or 32.25% of business volume. Their progress is limited to +10.7% over the year, despite an increase of 18.5% in H1. The S2 has also been difficult for brands, a key strategy for future development of Bastide.
The other two group's activities have been relatively stable over the year 2008/2009. Thus, the respiratory division posted growth of 9% on year to 15.9 million for 16.4% of total turnover of Bastide, while activity Nutrition Infusion recorded an increase of 7.8% over the year 16 million EUR billing representative 16.5% of the company's business.
Thus, disregarding the poor performance of the business communities in Maintenance Restaurants, the company would have grown by 8.3%.
level of net income:
During the publication of annual results 2007/2008, the group gave Bastide is an ambitious target to achieve the 2008/2009 financial year, an operating margin between 10% and 11 %. This objective is already optimistic in the context of the end of 2008, was undermined from the start of 2009, to more appear in news group. Finally, bastide obtained in a morose economic context combined with regulatory upheaval around EPHAD activity with an operating margin of 4.93%, lower by 5 points near the target set a year ago. Operating income measures the intrinsic performance of the company amounted to 4.77 million as against EUR 9.85 million euros last year. The group's management explains the decrease of 51.58% of the ROP by the effect of lower gross margin and cost structure had become too important for the activity Housekeepers in Communities.
Thus, in 2008/2009, the group Bastide net income divided by 2.6, to 2.2 million euros, against 5.88 million euros for the 2007/2008 financial year. Representing a net margin of 2.31%, down nearly 4 percentage points compared to net margin for the year 2007/2008.
Outlook
For the new fiscal year 2009/2010, the Group's management considers positioned in growth markets that will enable the group to continue its positive growth throughout its business activity except maintenance home communities. Indeed, most activities are products of Bastide need for entitlement to reimbursement by social security agencies. These activities are inherently less sensitive to the economic environment. In addition, Bastide benefit account to expand its business volume of the growing power of agencies recently opened.
Queries for 2009/2010 therefore arise about comfort products, outstanding, to the extent that their purchase may be conditioned by the changing economic environment but also on the evolution of the activity Communities. Important problem for which emits a forecast Bastide fuzzy stability of its revenue on this activity, with negative growth in the first half due to unfavorable comparison base.
Beyond Bastide attaches priority to improve its overall economic fundamentals. The debt reduction (up important exercise) and decrease in working capital are on the menu of its objectives.
Bastide expected to start benefiting from measures taken since the beginning of S2 2008/2009, ie resizing activity Communities through the reduction of fixed costs related thereto, renegotiations with various news providers pricing conditions, the rise of its central purchasing, the continued growth of own-brand products in turnover and finally through better management of overhead costs for agencies started recently because of increased business volumes.
Regarding the evolution of its own sales network, it should not change, except in cases of major opportunities. The network expansion will be through the further development of the franchise (the results exceeded expectations without being encrypted) with a dozen projects scheduled opening for the year 2009/2010.
Otherwise, the group wants to maintain its dividend policy. So he will propose at the general meeting to distribute a dividend of 0.06 euro per share.
Fundamental
Bastide The group displays a stock market value at 12.10.2009 of 70.10 million euros. The capitalization of the company rose by 36.8% since the last review when publishing the results of S1 2008/2009.
Key points reveals that the release is as follows: The
-equity amounted Bastide 30/06/09 36,800,000 euros against 35.7 million euros at the close of fiscal year 2007/2008, an increase of 3.08%. They account for 05.01 euros per share.
-debt ratio stood at 63% equity to 23.18 million euros against 16.6 million euros during the half year results 2008/2009. A sharp increase of 39.6% over the last 6 months. The strong growth in debt over the last 6 months due to the increased need for working capital as a direct result of reduced delays by reason of the application of the LME and outstanding receivables recorded at 30/06/09.
-Closing Cash at 30/06/09, is not known, but it was a reminder of -3.13 million at 31/12/08. Presumably due to the increase in working capital it is unlikely to improve much!
-The EPS is $ 0.30 per share. The PER-
calculated relative to net 2008/2009 and based on the closing price stood at 31.23
Conclusion
The second part of the 2008/2009 financial year was tougher than expected. The initial objectives, and adjusted during the year have not been met. Thus, the group's prospects rather vague and non-encrypted group seem fairly convincing. Home Support Activity in Communities is an important issue to be followed for the year 2009/2010. A positive development of this activity would be a strong sign for the market, yet the first half should remain difficult. Concerning the activity of a global perspective, however, the group should continue its growth. Bastide markets have in fact a natural growth around 3% per year. Meanwhile, the trend of the first digit of the new fiscal year 2009/2010, our price target over the medium term will be reduced to 10.5 euros. In the short term the title appears correctly valued.
FB
Symbol: BLC
extreme Courses 6-month: 7.34 / 10.56 EUR
Number of shares outstanding: 7,340,600
Market compartment: C
Shareholding reference (source Bloomberg)
SIB: 49.29%
Guy Bastide: 9.52%
Family Bastide: 5.61%
Lazard Frères Gestion: 8.19%
Palatine Asset Management: 1.55%
Sogeposte: 0.85%
SGAM: 0.54%
Degroof Management: 0.51%
AGF Asset Management: 0.23%
COVEA Finance: 0.23%
Aviva Asset Management: 0.18 Alcyone Finance
%: 0.16%
Chaussier Management: 014%
Bastide Le Confort Medical: annual results for FY 2008/2009 below expectations!
Presentation
Bastide Le Confort Medical was founded in 1977 by Guy Bastide, the current CEO. The company was a pioneer in France, in the development of care and home care. With his success and wishing to leave the regional framework, Bastide enters the stock market in 1997 on the secondary market and decided to combine external growth (11 buyouts in the sector since May 1997, including allowing Confortis Bastide become a true national player) and organic (developing own agency). The group now has about 80 branches in France.
Bastide is now 32 years after its creation, selling and leasing (services) of medical equipment for individuals (the elderly, disabled and sick) and professionals (nurses, doctors ...) and Community Health (EPHAD, retirement homes, nursing homes ...).
Sale:
At the retail segment (4 large families)
Products bedsore mattresses, mattress pads, pillows, bandages specific ...
Products Incontinence Products
support mobility: wheelchairs ...
-comfort products and hygienic products, toilet aids and mobility, relaxing armchairs ...
In terms of sales professionals and community health
Products for health professionals: sheets and Couches, gloves, small instruments, needles, cleaning and disinfection ...
Products for Community Health: Products disinfection and hygiene medical room facilities medicalized
...
Provision of services (rental):
level professionals and individuals
L-respiratory assistance: provision of a wide range of equipment and services tailored to the different respiratory diseases (including oxygen tanks, concentrators, and respirators ).
-Home care: provision of home care equipment (hospital beds, patient lifts, wheelchairs, support products to anyone ...) to improve daily life.
-Nutrition - Infusion: provision of infusion pumps mainly to nutrition and insulin to enable continuity of care at home.
At its financial communications company is advancing the 3 activities which include sales and services to individuals and professionals alike. They are:
-respiratory activity
-L activity Nutrition -
Perfusion-The activity Homecare
Latest News
Bastide le Confort Medical, a specialist in sales and rental of medical equipment issued on November 5 last year results 2009. They posted a net profit of 2.24 million euros for a turnover on the year of 96.8 million euros.
Analysis
level of turnover:
In the release half year results 2008-2009, the group gave Bastide organic annual growth target of between 5% and 10%. The annual turnover amounts well below this original goal. Sales growth was limited to 2% on the year. Thus, Bastide recorded on the financial year 2008/2009 activity 96.7 million euros against 94.84 million euros on a rolling year. Yet beyond this slight increase, it should be noted that the second half is negative. It shows a decline of 6.64%. S2's overall billing amounts to 45.43 million euros against 48.65 million euros on the S2 2007/2008.
The turnover is distributed to 30/06/2009 at 56.54% in sales material and 43.46% in benefits services.
As announced in the analysis of H1 2008/2009, the group has faced in Bastide legislative and regulatory change on EPHAD. This new legislative framework is now directly related to nursing homes and suppliers of equipment as medical Bastide. This change has impacted heavily engaged Keeping Home Business. The main activity of Bastide with 67.01% of sales has a negative trend on the S2. Indeed, the S1 2008/2009 had increased by 12% in the activity remain at home, while the whole of 2008/2009 ended with a 1% drop to 64.8 million euros! The company explains this contrast by the fact that the activity Maintain Restaurants in communities (affected by regulatory reform) has been affected by a significant decrease its sales volume by 11.4% to 26.7 million euros due to unfavorable comparison base. The S2 2007/2008 have benefited from the post reforms, had contributed to an important phase of equipment. This decrease is therefore a priori momentary!
In contrast, the activity Maintain Restaurants in stores recorded a robust growth with increased activity of +8% to 38.1 million euros over the past year. Bastide also highlights in this activity, the success of the exercise of its own brands. They account for 20.9 million euros Continued activity at home or 32.25% of business volume. Their progress is limited to +10.7% over the year, despite an increase of 18.5% in H1. The S2 has also been difficult for brands, a key strategy for future development of Bastide.
The other two group's activities have been relatively stable over the year 2008/2009. Thus, the respiratory division posted growth of 9% on year to 15.9 million for 16.4% of total turnover of Bastide, while activity Nutrition Infusion recorded an increase of 7.8% over the year 16 million EUR billing representative 16.5% of the company's business.
Thus, disregarding the poor performance of the business communities in Maintenance Restaurants, the company would have grown by 8.3%.
level of net income:
During the publication of annual results 2007/2008, the group gave Bastide is an ambitious target to achieve the 2008/2009 financial year, an operating margin between 10% and 11 %. This objective is already optimistic in the context of the end of 2008, was undermined from the start of 2009, to more appear in news group. Finally, bastide obtained in a morose economic context combined with regulatory upheaval around EPHAD activity with an operating margin of 4.93%, lower by 5 points near the target set a year ago. Operating income measures the intrinsic performance of the company amounted to 4.77 million as against EUR 9.85 million euros last year. The group's management explains the decrease of 51.58% of the ROP by the effect of lower gross margin and cost structure had become too important for the activity Housekeepers in Communities.
Thus, in 2008/2009, the group Bastide net income divided by 2.6, to 2.2 million euros, against 5.88 million euros for the 2007/2008 financial year. Representing a net margin of 2.31%, down nearly 4 percentage points compared to net margin for the year 2007/2008.
Outlook
For the new fiscal year 2009/2010, the Group's management considers positioned in growth markets that will enable the group to continue its positive growth throughout its business activity except maintenance home communities. Indeed, most activities are products of Bastide need for entitlement to reimbursement by social security agencies. These activities are inherently less sensitive to the economic environment. In addition, Bastide benefit account to expand its business volume of the growing power of agencies recently opened.
Queries for 2009/2010 therefore arise about comfort products, outstanding, to the extent that their purchase may be conditioned by the changing economic environment but also on the evolution of the activity Communities. Important problem for which emits a forecast Bastide fuzzy stability of its revenue on this activity, with negative growth in the first half due to unfavorable comparison base.
Beyond Bastide attaches priority to improve its overall economic fundamentals. The debt reduction (up important exercise) and decrease in working capital are on the menu of its objectives.
Bastide expected to start benefiting from measures taken since the beginning of S2 2008/2009, ie resizing activity Communities through the reduction of fixed costs related thereto, renegotiations with various news providers pricing conditions, the rise of its central purchasing, the continued growth of own-brand products in turnover and finally through better management of overhead costs for agencies started recently because of increased business volumes.
Regarding the evolution of its own sales network, it should not change, except in cases of major opportunities. The network expansion will be through the further development of the franchise (the results exceeded expectations without being encrypted) with a dozen projects scheduled opening for the year 2009/2010.
Otherwise, the group wants to maintain its dividend policy. So he will propose at the general meeting to distribute a dividend of 0.06 euro per share.
Fundamental
Bastide The group displays a stock market value at 12.10.2009 of 70.10 million euros. The capitalization of the company rose by 36.8% since the last review when publishing the results of S1 2008/2009.
Key points reveals that the release is as follows: The
-equity amounted Bastide 30/06/09 36,800,000 euros against 35.7 million euros at the close of fiscal year 2007/2008, an increase of 3.08%. They account for 05.01 euros per share.
-debt ratio stood at 63% equity to 23.18 million euros against 16.6 million euros during the half year results 2008/2009. A sharp increase of 39.6% over the last 6 months. The strong growth in debt over the last 6 months due to the increased need for working capital as a direct result of reduced delays by reason of the application of the LME and outstanding receivables recorded at 30/06/09.
-Closing Cash at 30/06/09, is not known, but it was a reminder of -3.13 million at 31/12/08. Presumably due to the increase in working capital it is unlikely to improve much!
-The EPS is $ 0.30 per share. The PER-
calculated relative to net 2008/2009 and based on the closing price stood at 31.23
Conclusion
The second part of the 2008/2009 financial year was tougher than expected. The initial objectives, and adjusted during the year have not been met. Thus, the group's prospects rather vague and non-encrypted group seem fairly convincing. Home Support Activity in Communities is an important issue to be followed for the year 2009/2010. A positive development of this activity would be a strong sign for the market, yet the first half should remain difficult. Concerning the activity of a global perspective, however, the group should continue its growth. Bastide markets have in fact a natural growth around 3% per year. Meanwhile, the trend of the first digit of the new fiscal year 2009/2010, our price target over the medium term will be reduced to 10.5 euros. In the short term the title appears correctly valued.
FB
next release of interim results during 2009/2010
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