Handicare (Buy, TP: SEK32.00) - Difficult quarters ahead
The stairlifts business held up better than we expected in Q1, but we see difficult quarters ahead driven by a Covid-19-related demand slump. We maintain that Handicare’s real value is in stairlifts, for which we expect solid organic growth post Covid-19. However, Patient Handling continues to struggle and triggered a EUR25m impairment in Q1. We reiterate our BUY and have raised our target price to SEK32 (30).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.