Handicare (Buy, TP: SEK30.00) - Strategic review finalised
As part of its strategic review, Handicare is divesting all Patient Handling operations outside North America to Direct Healthcare Group for EUR30m (EV/EBITDA of c8x), triggering a write-down before transaction costs of EUR12m, to be booked in Q2. This marks the end of the strategic review and allows Handicare to focus on its core businesses. We find the price in line with our valuation and reiterate our BUY and SEK30 target price.Handicare Group is a global provider of mobility solutions in the accessibility and patient handling markets measured by revenue. Co.'s objective is to operate and invest in businesses within the health and rehabilitation sector, own and manage real and personal property and conduct any business compatible therewith.
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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