Handicare (Buy, TP: SEK44.00) - Looking to uncover underlying value
Q3 organic growth of 0.2% YOY was weaker than our 3.5% forecast, with both divisions disappointing. We do not believe Patient Handling will improve significantly before H1 2020, while in Accessibility; we expect good organic growth to return in Q4 with an improved EBITA margin. The board has initiated a strategic review to uncover Handicare’s underlying value. We reiterate our BUY, but have cut our target price to SEK44 (SEK46).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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