Handicare (Buy, TP: SEK46.00) - Looking for a better H2
We expect a pick-up in organic growth in Q3 to c3.5% YOY from -1.7% in Q2 (results due at 08:00 CET on 24 October), albeit still below the 4−6% organic growth ambition. Our focus will be on the divisional performance where we forecast organic growth of 6.1% for Accessibility and -3.0% in Patient Handling YOY. Furthermore, we expect an adjusted EBITA margin improvement QOQ. We reiterate 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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