Handicare (Buy, TP: SEK46.00) - US stairlift business main positive
US stairlift business main positive The Q3 top line was below our forecast and organic growth was c0.2% YOY (we expected 3.5%), a miss driven by both divisions. Accessibility showed c3.4% organic growth (we expected 6.1%), held up by the US stairlift business, while Patient Handling showed less signs of improvement than expected (-7.7% organic growth in Q3; -8.6% in Q2). The adj. EBITA margin of 7.2% missed our estimate of 10.4%.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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