Ambea Ab (Publ). Ambea AB (publ) is a Sweden-based holding company within the care provider group. The Ambea group offers accommodation, support, training and staffing within health and social care. The Group has over 450 units throughout Sweden and in Norway. The Swedish operations comprise the brands Vardaga, Lara and Bemanning. Among other brands, there are Rent a Doctor, Rent a Nurse, Rent a Socionom and Careteam, as well as BoA Mellanvard. The Norwegian operations comprise support and residential care in disabilities and psychiatry through the companies Heimta and Vitale. The Company's main shareholders are ACTR Holding Ab and Actor General Partner SARL Sweden SCA. It operates Malrettet Intervensjon AS, Elevhalsan, Stod och Resurs AB and Tiltaksgruppa fokus as subsidiaries.
  • TickerAMBEA
  • ISINSE0009663826
  • ExchangeNasdaq Nordic Stockholm
  • SectorHealth Care Equipment & Services
  • CountrySweden
Karl-Johan Bonnevier

Ambea (Buy, TP: SEK73.00) - Midterm case with potential

Ambea’s Q1 report showed improved stability even as operational Covid-19 related challenges hit. Q2 is now indicated for lower occupancy in the elderly care units and additional staffing costs, but Ambea is maintaining its new opening ambitions, suggesting the midterm outlook remains essentially intact, prompting only marginal forecast changes. We see the profitability target of >9.5% by 2022 as realistic (versus 7.3% LTM) as the own-managed pipeline matures. We reiterate our BUY with a SEK73 (72) target price.

Alexander Aukner ...
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Karl-Johan Bonnevier ...
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Karl-Johan Bonnevier

Ambea (Buy, TP: SEK72.00) - Managing the situation well

Ambea indicated a low Q1 Covid-19 impact from higher sick leaves, a trend likely to continue in Q2. However, looking at new placings, its markets have not closed down. We have adjusted our forecasts for the operational challenges also allowing for slower ramping of new units and a weak NOK leading to small estimate cuts. We still see Ambea reaching its full potential by 2022 with the financial resources to get there. We reiterate our BUY with a lower SEK72 (88) target price.

Ambea AB: 1 director bought

A director at Ambea AB bought 12,000 shares at 42.000SEK and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Ambea AB: 1 director bought

A director at Ambea AB bought 12,000 shares at 42.000SEK and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Karl-Johan Bonnevier

Ambea (Buy, TP: SEK73.00) - Midterm case with potential

Ambea’s Q1 report showed improved stability even as operational Covid-19 related challenges hit. Q2 is now indicated for lower occupancy in the elderly care units and additional staffing costs, but Ambea is maintaining its new opening ambitions, suggesting the midterm outlook remains essentially intact, prompting only marginal forecast changes. We see the profitability target of >9.5% by 2022 as realistic (versus 7.3% LTM) as the own-managed pipeline matures. We reiterate our BUY with a SEK73 (72) target price.

Karl-Johan Bonnevier ...
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Karl-Johan Bonnevier

Ambea (Buy, TP: SEK72.00) - Managing the situation well

Ambea indicated a low Q1 Covid-19 impact from higher sick leaves, a trend likely to continue in Q2. However, looking at new placings, its markets have not closed down. We have adjusted our forecasts for the operational challenges also allowing for slower ramping of new units and a weak NOK leading to small estimate cuts. We still see Ambea reaching its full potential by 2022 with the financial resources to get there. We reiterate our BUY with a lower SEK72 (88) target price.

Karl-Johan Bonnevier

Ambea (Buy, TP: SEK88.00) - Full potential in 2022e

Ambea’s quarterly volatility remains high, with Q4 prompting further efficiency action in Norway. We still see good opportunities for Ambea in closing the performance gap in day-to-day operations and realising the potential in its own-managed pipeline. For the full potential though, we need to look to 2022, when we see the profitability target of >9.5% (2019 7.1%) within reach. We reiterate our BUY and SEK88 target price.

Karl-Johan Bonnevier

Ambea (Buy, TP: SEK88.00) - Strong Q3 progress

The Q3 results showed solid progress in the old units and the integration of Aleris Care is complete. Focus now switches to closing the performance gap in the day-to-day operations of the old and acquired units and realising the potential in the own-managed pipeline. We see the profitability target of >9.5% by 2022 as realistic (versus 7.5% in 2019e) as the own-managed pipeline matures, indicating the potential. We have edged up our 2020–2021e EPS by 1–2% and our target price to SEK88 (86), and we reiterate our BUY.

Alexander Aukner ...
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Håkon Astrup ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mats Bye
  • Mattias Holmberg
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Alexander Aukner ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mats Bye
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

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