Handicare (Buy, TP: SEK60.00) - Q1 earnings miss
The Q1 top line was better than expected, with organic growth of c2.7% (we forecast -1.0%), driven by stairlifts, which delivered c10% organic growth, but with Patient Handling continuing to struggle in the US due to lower project sales in North America. The adj. EBITA margin of 7.1% was on the other hand a miss (we expected 8.6%), driven by Patient Handling, which only delivered c8.9% adj. EBITA margin (we expected 13.0%), driving a 43.6% net profit miss.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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