Handicare (Buy, TP: SEK55.00) - Another weak quarter
The Q3 top line was weaker than we expected, with organic growth of c1.1% (we forecast 1.6%). It was again driven by stair lifts, with c7% organic growth, while Patient Handling continued to struggle in the US with negative organic growth of c5.5%. The adj. EBITA margin of 8.6% was in line (we expected 8.5%). There was no news on the hub strategy, M&A or comments from the new CEO in the report. The company will host a conference call at 10:00 CET.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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