Coor Service Management (Buy, TP: SEK56.00) - Instituting action programme
Q3 was weak, with continued profit margin pressure, but Coor is initiating an action programme for a quicker trend reversal. We have cut our 2023–2025e EPS by 12–7%, with the ambition to normalise gearing towards 2x net debt/EBITDA also suggesting a lower dividend payout than our previous expectation. We still see strong yield support and reiterate our BUY, but have cut our target price to SEK56 (75) on lower multiples assumptions.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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