Coor Service Management (Buy, TP: SEK96.00) - Value-enhancing acquisition
Q3 looks set to be another business-as-usual quarter for Coor (results due at 07:30 CET on 7 November). We see the EBITA margin gaining 82bp YOY, benefitting from still-strong but easing organic growth (4.7% YOY) and easier YOY comparables, indicating 25% growth YOY in adj. EBITA to SEK128m. The pending acquisition of Norrlands Miljövård looks value-enhancing to us and we have edged up our 2020–2021 forecasts. We reiterate our BUY and SEK96 target price.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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