Handicare (Buy, TP: SEK46.00) - Trend shift in Patient Handling
Handicare reported its Q4 results with the announcement on 21 January. Organic growth was c3.8% (we forecast 3.6%), and as expected, again driven by stair lifts, with c6% organic growth, but supported by Patient Handling which surprisingly delivered c4.4% organic growth. The adj. EBITA margin was 4.1% (we expected 4.0%), hurt by inventory adj. and implementation of ERP system as expected. We note that the company is talking about a trend shift in Patient Handling in North America, and established one new hub in Q4. A positive share price reaction is warranted in our view.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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