Handicare (Buy, TP: SEK46.00) - Signs of Patient Handling progress
We expect a pick-up in organic growth in Q2 to c1.6% YOY (c1.0% in Q1 2019; results due at 08:00 CET on 14 August), although the divestment of Puls makes a YOY comparison difficult. Hence, our focus will be on Accessibility (we forecast 3.5% organic growth YOY) and Patient Handling (we expect -3.0% organic growth). We see some benefits to adj. EBITA from the announced cost-saving programme. 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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