olivLaw · European equity research
Ramsay Générale de Santé GDS.PA
France · Euronext Paris · ISIN FR0000044471 · Vertical: Listed companies from France
Ramsay Générale de Santé operates private clinics and medical centres in France, Sweden and Norway, with revenue of 5381.1 million EUR in the year ended 30 June 2026. The group is going through a change in its shareholder structure after the announced in-kind distribution of the majority stake held by Ramsay Health Care.
At the close of 05 Nov 2026, Ramsay Générale de Santé (GDS.PA) stock was 8.56 EUR (−0.70% on the day), with market capitalisation 939.7 m EUR, dividend yield 0.00%, beta 0.17, 52-week range 8.56–11.50 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 22.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 8.34 – 10.13
- in the lower half of the band · %B 0.12 · band width 19.4%
- SMA 50 / 200
- 9.93 / 10.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.37 / -0.34
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.8% | −0.6% | −14.2 pp | — |
| 3 months | −21.5% | −4.2% | −17.3 pp | — |
| 6 months | −17.3% | +4.3% | −21.6 pp | — |
| Year to date | −7.8% | +7.5% | −15.3 pp | — |
| 1 year | −3.4% | +9.9% | −13.3 pp | −6.8% |
| 3 years | −58.8% | +49.8% | −108.7 pp | −15.9% |
| 5 years | −62.1% | +42.8% | −104.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 5.0 bn | 5.2 bn | 5.4 bn |
| Revenue YoY | unavailable | +4.0% | +3.3% |
| Net income | -53.9 m | -54.1 m | -48.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.49 | -0.49 | -0.44 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.1% | -1.0% | -0.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 302.2 m EUR
- Financial debt
- 1.9 bn EUR
- Net debt
- 1.6 bn EUR
- Equity
- 1.2 bn EUR
- Total assets
- 6.7 bn EUR
- Debt / equity
- 1.60x
- Current ratio
- unavailable
- ROE
- -4.1%
- ROA
- -0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.0 bn | 5.2 bn | 5.4 bn | esef· 21 Oct 2026verified |
| Operating income | 160.6 m | 173.2 m | 186.3 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 426.7 m | 434.0 m | 440.8 m | esef· 21 Oct 2026verified |
| EBITDA | 587.3 m ≈ | 607.2 m ≈ | 627.1 m ≈ | esef· 21 Oct 2026derived |
| Income tax | -4.1 m | 1.6 m | 19.5 m | esef· 21 Oct 2026verified |
| Net income | -53.9 m | -54.1 m | -48.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.49 | -0.49 | -0.44 | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.00 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 359.0 m | 366.5 m | 302.2 m | esef· 21 Oct 2026verified |
| Inventories | 125.0 m | 125.1 m | 131.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 974.4 m | 936.0 m | 931.2 m | esef· 21 Oct 2026verified |
| Goodwill | 2.1 bn | 2.1 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 209.0 m | 205.5 m | 210.2 m | esef· 21 Oct 2026verified |
| Total assets | 6.9 bn | 6.8 bn | 6.7 bn | esef· 21 Oct 2026verified |
| Long-term debt | 1.9 bn | 1.8 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 110.0 m | 110.4 m | 109.8 m | esef· 21 Oct 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 939.7 m EUR
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 21.24 – 48.59 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA21.24 – 48.59 (Mid 30.75)4 companies used · median multiple 7.9x · quartiles 6.2x – 11.0xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.8% | 48 (vs peers) | 28% |
| Net margin · Quality | -0.9% | 36 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.5x | 29 (vs peers) | 28% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 4.0x | 80 (vs peers) | 28% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial29/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial80/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RAMSAY GENERALE DE SANTE (GDS.PA). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.4 bn EUR in 2026; YoY growth 3.3%; net margin -0.9%; ROE -4.3%; net debt/EBITDA 2.5x.
The estimated value range is 21.24–48.59 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 30.75 EUR, the price of 8.56 EUR leaves a potential of 259.2% (value / price − 1) and a margin of safety of 72.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 4.0x
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 2.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Current ratio, P/E (TTM), FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| GDS.PARamsay Generale De Sante | 939.7 m | — | -4.3% | -0.9% | +3.3% | −4% / −58% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for GDS.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ramsay Générale de Santé operates private clinics and medical centres in France, Sweden and Norway, with revenue of 5381.1 million EUR in the year ended 30 June 2026 1. The group is going through a change in its shareholder structure after the announced in-kind distribution of the majority stake held by Ramsay Health Care 1.
SWOT
Strengths
- Broad geographic coverage across France, Sweden and Norway, with a diversified network of clinics and centres that gives operational balance.
- Positive organic growth in fiscal 2026, supported by patient volumes and the reputation of medical teams.
- A predominance of care activity, which brings stable and predictable revenue within a regulated system.
Weaknesses
- High net debt, which puts pressure on financing costs and on the flexibility of investment.
- Modest operating margins, where cost pressures can quickly reduce results.
- Dependence on tariffs set by authorities limits the group's ability to pass on cost increases.
Opportunities
- Investment in capacity and innovation could support volume growth, according to the investment plans described in the report.
- Strategic acquisitions in key areas could strengthen the group's position, following the model used in the past.
- The new shareholder structure could open access to new sources of funding and a more diversified investor base.
Threats
- Cuts to public tariffs and growing hospital deficits could limit the private sector's capacity to invest.
- Loss of authorisations or regional contracts could lead to sudden drops in activity.
- Changes in health regulation could create additional compliance costs.
Risks
- Falling public tariffshigh
Tariff cuts and the absence of indexation could weigh on margins, especially if personnel and purchasing costs rise faster than revenue 1.
- Loss of authorisationshigh
Refusal or withdrawal of authorisations by regional health agencies could directly reduce patient volumes and revenue 1.
- Swedish contractsmedium
Contracts with regions are subject to periodic tenders, and losing a major contract could affect the operator's results in that country 1.
- Debt and financing costmedium
High net debt and the average cost of debt could limit financial flexibility if financing conditions worsen 1.
- Regulation and compliancelow
Legislative changes on authorisation, quality and billing could generate extra costs and reputational risk 1.
Investment thesis
What would need to be true (bull case)
- If organic growth holds and the EBITDA margin stays stable, the group could turn steady activity into predictable cash flow, supporting a gradual reduction of debt.
- A revenue mix dominated by care could provide resilience if patient access stays high, and the broad network could allow activity transfers.
- The new shareholder structure could bring a wider investor base and new strategic flexibility, especially if the operation is completed without major extra costs.
What would break the thesis
- If public tariffs keep falling, already modest margins could be eroded quickly, and the capacity to fund investment could be limited.
- High net debt and financing costs could amplify the impact of any operating shock, especially if operating results remain modest.
- Losing contracts or authorisations in Sweden or France could reduce volumes and could be hard to offset in the short term.
What to watch
- Evolution of public tariffs for care and the cuts to imaging2027
- Outcome of regional tenders and contract renewals in Swedennext 10-K
- Completion of the in-kind distribution and its effect on the shareholder structure2027
- Evolution of net financial debt and the average cost of debtnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group runs a network of clinics, hospitals and medical centres in western Europe, active mainly in private healthcare with partial reimbursement from public systems. Its results depend on the volume of care delivered, the tariffs set by authorities, personnel and purchasing costs and the cost of debt 1. In fiscal 2026 revenue rose to 5381.1 million EUR and EBITDA reached 637.7 million EUR, with a margin of 11.9% 1.
Care activity makes up the vast majority of revenue, the rest being ancillary services and fees paid by practitioners. The group finances its investments from operating cash flow and debt, and net financial debt remained high at 3584.9 million EUR at 30 June 2026 1.
Segments
Ancillary services and fees
Ancillary services brought 197.6 million EUR, while fees paid by practitioners and others were 210.6 million EUR in fiscal 2026, the latter down from the prior year 1.
Market context
The private healthcare market in France and northern Europe operates under a strongly regulated framework in which public tariff policies aim to control health spending. According to the report, tariff prospects are described as rather unfavourable, and a significant part of private hospitals are already in deficit, which could intensify pressure on operators 1. The group's 2.3% organic growth nonetheless shows an ability to attract patients in this context 1.
In Sweden, contracts with regional authorities are essential, and competition in tenders can directly influence volumes. The report describes lost accreditations in some regions, which could affect the group's activity if the trend spreads 1.
Trends
- Public tariff pressureheadwind
French authorities decided progressive cuts to technical flat rates for scanners and MRI units until January 2027, and tariff prospects are described as rather unfavourable 1. This could limit margins if costs rise faster than tariffs.
- Stable tariffs for MCOmixed
The government announced in January 2026 stable tariffs for medicine, surgery and obstetrics in healthcare facilities, which could offer short-term predictability 1.
- Ambulatory surgeryheadwind
The regular development of ambulatory surgery reduces hotel revenue that does not depend on social security, an effect the group describes as unfavourable 1.
- Shareholder restructuringmixed
The in-kind distribution of the majority stake could change the shareholder base and the group's strategy, with transaction costs already partly booked 1.
Competitive position
The group competes with other private clinic and hospital operators in France, as well as with operators in Sweden and Norway, especially in regional tenders. The report notes that the price offered is an important criterion at contract renewal, which could favour competitors with more aggressive bids 1.
The group's advantage rests on service quality and the reputation of its medical teams, as well as on its extensive network, which allows activity transfers if an authorisation is lost 1.
- Private healthcare operators in France
Clinics and private groups competing for the same services and public contracts in France, under the framework described in the report.
- Private healthcare operators in Sweden
Private providers competing for regional care contracts, where tenders often decide the winner.
- Hospital groups in northern Europe
Operators that take part in negotiations with authorities or private insurers over contractual tariffs.
- Public hospital providers
Public and university hospitals are indirect competitors for patients and funding, and they too face a significant deficit according to the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202621 Oct 2026
- Annual report 202518 Nov 2025
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Ramsay Générale de Santé · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.