Humana (Buy, TP: SEK72.00) - Back on firmer footing in 2018
The Q1 report confirmed the earlier promising signs of a trend shift after the challenging 2017, with the Swedish I&F and Other Nordic operation showing strong progress. The Humana share has recovered robustly of late, but we still find strong value support, as suggested by a 2019e FCF yield of 8.6% (10.3% pre-expansion capex), leading us to reiterate BUY, adjusting the target price to SEK72 (69), and finding potential catalysts in the Swedish autumn election and resolution of the PE-related share overhang.Humana AB is a Sweden-based care provider. It operates through four segments: Individual & Family, Personal Assistance, Elderly Care and Other Nordics. The Individual & Family segment provides psychosocial disorders and mental illness care. The Personal Assistance segment provides personal assistance to people with functional disabilities. The Elderly Care segment provides housing for the elderly. The Other Nordics segment covers the Company's developing market operations in the area. It operates in Sweden, Norway, Finland and Denmark.
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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