Handicare (Buy, TP: SEK46.00) - Looking beyond a weak Q1e
We expect a weak Q1 from Handicare (results due at 08:00 CET on 25 April). While we see still-healthy growth in Accessibility, driven by stair lifts, we highlight tough comparables and believe low order intake in the vehicle business will be a drag on the division’s performance in Q1. For Patient Handling we forecast low organic growth, with the pick-up in organic growth in Q4 set to have a negative impact in Q1 due to the timing of orders. We maintain our BUY and SEK46 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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