Handicare (Buy, TP: SEK60.00) - Q2 beat, driven by Accessibility
The Q2 top line was better than we expected, with organic growth of c7.3% (we forecast 3.5%), driven by Accessibility, which delivered c12% organic growth. Patient Handling continued to struggle and delivered c-2.8% organic growth. The adj. EBITA margin of 10.1% was a beat too (we expected 7.5%), driven by all three divisions, including Patient Handling. In addition, the board has appointed a new CEO, with effect from today, which should come as a relief.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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