Coor Service Management Holding AB

Coor Service Management Holding AB. Coor Service Management Holding AB is a Sweden-based company engaged in the business support services industry. The Company specializes in integrated facility management (IFM), including both soft and hard kinds of services, such as cleaning, reception, catering, post and parcel, strategic consulting and others. The services can be offered as single or package. The Company operates across Sweden, Finland, Norway and Denmark.
  • TickerCOOR
  • ISINSE0007158829
  • ExchangeNasdaq Nordic Stockholm
  • SectorSupport Services
  • CountrySweden
Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK82.00) - Impressive balancing act in Q2

Coor’s operating model proved its strength again in a turbulent Q2, with cost and efficiency measures more than balancing the volume headwind, leaving adj. EBITA 38% above our forecast. We continue to like Coor’s FCF profile, low operational risk, and potential for value-enhancing acquisitions, with the internal recruitment of the new CEO indicating more of the same to us. BUY reiterated with a SEK82 (72) target price.

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK72.00) - Well-managed even in headwinds

We expect Coor to show a best-in-class operating performance even in the Covid-19-challenged Q2, and still forecast an organic sales decline of 15% and an adj. EBITA down 27% YOY. The internal appointment of AnnaCarin Grandin as new CEO is logical to us. We continue to like Coor’s FCF profile, low operational risk, and potential for value-enhancing acquisitions, and reiterate our BUY and SEK72 target price.

Karl-Johan Bonnevier ...
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK72.00) - Well-adjusted in Q1

Coor’s Q1 operational performance proved its credentials of a good ability to adjust costs to business changes while still generating strong FCF. This gives support to expectations, as it adjusts to customers’ service requirements from Q2, with the profit margin resilience leading to minor upward 2020–2022e EPS revisions. We still like Coor’s FCF generation profile, low operating risk, and attractive valuation, and reiterate our BUY with a new SEK72 (68) target price.

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK82.00) - Impressive balancing act in Q2

Coor’s operating model proved its strength again in a turbulent Q2, with cost and efficiency measures more than balancing the volume headwind, leaving adj. EBITA 38% above our forecast. We continue to like Coor’s FCF profile, low operational risk, and potential for value-enhancing acquisitions, with the internal recruitment of the new CEO indicating more of the same to us. BUY reiterated with a SEK82 (72) target price.

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK72.00) - Well-managed even in headwinds

We expect Coor to show a best-in-class operating performance even in the Covid-19-challenged Q2, and still forecast an organic sales decline of 15% and an adj. EBITA down 27% YOY. The internal appointment of AnnaCarin Grandin as new CEO is logical to us. We continue to like Coor’s FCF profile, low operational risk, and potential for value-enhancing acquisitions, and reiterate our BUY and SEK72 target price.

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK72.00) - Well-adjusted in Q1

Coor’s Q1 operational performance proved its credentials of a good ability to adjust costs to business changes while still generating strong FCF. This gives support to expectations, as it adjusts to customers’ service requirements from Q2, with the profit margin resilience leading to minor upward 2020–2022e EPS revisions. We still like Coor’s FCF generation profile, low operating risk, and attractive valuation, and reiterate our BUY with a new SEK72 (68) target price.

Jon Masdal ...
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mats Bye
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK68.00) - Short-term adjustment pain

Coor has a strong track record of adjusting costs to business changes while still generating strong FCF, which we are seeing as it adjusts to customers closing down due to Covid-19. We see good headroom to financial covenants, even on our updated forecasts. After the weak share price performance, Coor’s valuation implies an attractive 2021–2022e FCF yield of 12–13%. Revising our target price basis to an 8% FCF yield implies SEK68 (98), and we reiterate our BUY.

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Karl-Johan Bonnevier ...
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Helene Kvilhaug Brøndbo ...
  • Jesper Ingildsen
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Mats Bye
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling

Northern Lights

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