DnB Markets - Ambea (AMBEA) Ambea (Buy, TP: SEK80.00) - Vaccinations lift occupancy outlook

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DnB Markets

Karl-Johan Bonnevier

EUR 440.82 For Business Accounts Only

Ambea (Buy, TP: SEK80.00) - Vaccinations lift occupancy outlook

The guidance on the impact of Covid-19 in Q4 still looks relevant, with the now-started vaccination of Elderly Care clients suggesting a normalisation of occupancy rates in H2 2021, and the earlier postponements of new openings balancing short-term cost pressure. With Nytida still a strong profit generator and Norway making a more stable contribution, Ambea’s financials look solid to us, and we forecast 14% adj. EBITA growth for Q4 YOY. We reiterate our BUY, with a raised target price of SEK80 (70) on moving our valuation base to 2022e.

12/01/2021 26 EN

Underlying

Ambea

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.

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SE0009663826 Nasdaq Nordic Stockholm Sweden

Provider

DnB Markets

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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Analysts

Karl-Johan Bonnevier

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Ambea (Buy, TP: SEK80.00) - Vaccinations lift occupancy outlook

Ambea (Buy, TP: SEK130.00) - Acquiring Validia Oy

Ambea (Buy, TP: SEK123.00) - In capital-allocation mode

Ambea AB: 7 directors

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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