Handicare (Hold, TP: SEK50.00) - Waiting to be sold
There was limited news in the Q4 report following the 27 January pre-announcement of sales of EUR59.2m and adj. EBITA of EUR7.9m. As also indicated in the announcement, Accessibility drove the Q4 results, with sales of EUR43.8m, corresponding to c12% organic growth. We expect Savaria’s SEK50/share cash offer to be accepted, and therefore reiterate our HOLD and SEK50 target priceHandicare 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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