Clariane - comment

Emies (previously Orpea) reported their Q3 revenue numbers, confirming the occupancy and pricing trends already reported by Clariane.  Emies revenue is up 8.3% driven by price increases and increased occupancy rates (albeit still at a lower rate than Clariane).  

Emies have increased their disposal target, which increases the supply of nursing home disposals, competing against Clariane’s disposal plans. However, the improving interest rate environment and better pricing should outweigh the increase in supply.