Handicare (Buy, TP: SEK41.00) - Improvement since June update
We expect organic growth and earnings to trough in Q2 (results due at 08:00 CET on 17 July), and forecast a group organic growth decline of 27.8% due to Covid-19. Adjusted EBITA should be supported by the announced cost-cutting programme (EUR3m–4m adj. EBITA impact expected in 2020), but not enough to offset the declining top line (Q2e adj. EBITA EUR-1.2m). We reiterate our BUY and SEK41 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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