Coor Service Management (Buy, TP: SEK75.00) - OK Q2 without that little extra
Q2 broadly matched Q2 expectations, and we have only tweaked our underlying forecasts. The lost Ericsson contract increases pressure on management to re-establish Coor’s growth credentials, with the company still seeing a “strong” new contract pipeline and solid variable volumes. Meantime, we still see headroom for Coor to maintain high dividends given its FCF generation. We reiterate our BUY but have lowered our target price to SEK75 (77).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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