Handicare (Hold, TP: SEK50.00) - Savaria cash offer of SEK50/share
Handicare has announced a cash offer from Savaria of SEK50/share. Majority shareholder Nordic Capital has accepted, and the board unanimously recommends the offer. We view it as fair, and see Savaria as the best possible industry buyer, with the greatest potential for synergies. Based on the offer and today’s share price performance, we have downgraded to HOLD (BUY), with a target price of SEK50 (54).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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