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Research update: Curanum AG

February 20, 2012



Preliminary figures

We forecast a 2011-2013e EBITDA CAGR of xx,xx%, driven by (i) higher occupation ratios resulting in higher top-line growth, (ii) successful integration of the GWA institutions, (iii) increasing share in additional high-margin services. In addition, ...


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Research update: Curanum AG

November 07, 2011



Q3 in-line, EPS growth should accelerate in 2012e

With little risk from austerity, we view Curanum’s growth expectations as defensive and attractive in volatile markets like these. Following the 9M report we ...


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Research update: Curanum AG

August 12, 2011



Defensive play in volatile times

Following the H1 report we reiterate our ***** rating on a price target of €3.40, based on a DCF excluding external growth. Main drivers will be upgrades to ...


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Research update: Curanum AG

June 14, 2011



Care home operator

Entrance of a new anchor investor could provide ...


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Research update: Curanum AG

November 10, 2010



Sound capacity trend

Release of Q3/10 results
Curanum released Q3/2010 results. 9M revenues were up to €195.9mn from €193.1mn in 2009. The increase was mainly due to the start-up of care homes in Braunschweig and ...


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Research update: Curanum AG

March 10, 2009



Falling occupancy rates

Release of 2008e preliminary results
Curanum released preliminary 2008 results. Revenues rose 11.8% to €257.1mn in 2008 from €230.1mn in 2007. The increase was mainly due to the first time consolidation of...


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Initiation of Coverage: Curanum AG

June 20, 2008



Germany is getting grey

Leading operator of care homes
Curanum is a leading operator of care homes for the elderly in Germany. Curanum provides 9,281 care units in 67 care centres, 7,651 of which are care home places and 1,630 carer-assisted apartments.

During 2006 and 2007, Curanum took over a total of 22 care homes and ...


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