Coor Service Management (Buy, TP: SEK100.00) - Organic growth reaccelerating
Coor’s operating model changed modes in Q4 from profit margin expansion to accelerating growth, still proving its abilities in FCF generation. We see a strengthening organic growth outlook driven by variable volumes and new contracts, and have raised our 2022–2024e EPS by 3–5%. We like its FCF profile, low operating risk, scope for value-enhancing acquisitions, and strong yield support, as seen in the raised DPS to SEK4.80 (5.9% yield). We reiterate our BUY and SEK100 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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