Coor Service Management (Buy, TP: SEK54.00) - Weak across the board
Q3 was weak across the board, although the strong contract renewal trend should have created a more stable base for growth and efficiency improvements. We have cut our 2024–2026e EPS by 11–8%, still seeing FCF normalisation during Q4e, giving Coor headroom to keep a SEK3.00 DPS (yield 8.1%) 2024e. We reiterate our BUY but have cut our target price to SEK54 (59), with pressure rising to re-establish Coor’s earnings and FCF credentials to drive a re-rating back to historical levels.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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