Coor Service Management (Buy, TP: SEK72.00) - Well-adjusted in Q1
Coor’s Q1 operational performance proved its credentials of a good ability to adjust costs to business changes while still generating strong FCF. This gives support to expectations, as it adjusts to customers’ service requirements from Q2, with the profit margin resilience leading to minor upward 2020–2022e EPS revisions. We still like Coor’s FCF generation profile, low operating risk, and attractive valuation, and reiterate our BUY with a new SEK72 (68) 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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