Handicare (Buy, TP: SEK44.00) - Still waiting for the turnaround
Q4 organic growth of 1.1% YOY was weaker than our 2.2% forecast, with Patient Handling and Accessibility disappointing. We are still waiting for the US Patient Handling to improve, which we expect to happen gradually during 2020e based on easy comparables and a much lower base. In Accessibility, we expect good organic growth and an improved group adj. EBITA margin. We reiterate our BUY and SEK44 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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