Handicare (Buy, TP: SEK60.00) - Back on track, thanks to stair lifts
The c7.3% organic growth in Q2 was better than we expected (c5.4%), driven by c12% organic growth in Accessibility while Patient Handling disappointed again. We believe Handicare is back on track deliver on its target of 4–6% organic growth p.a. in 2018, however with Accessibility pulling the weight, while we expect Patient Handling to return to growth in H2. Profitability was also a positive, driven by broad-based beat on our estimates. We retain our BUY and SEK60 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.