Humana (Buy, TP: SEK65.00) - Value-creating sustainability
We believe Q3 was a less eventful quarter than Q2 for Humana (results due at 08:00 CET on 8 November), expecting 3.1% organic growth YOY and adjusted EBITA of SEK145m (down 5% YOY), burdened by new openings and higher rental costs, slightly below consensus. Our 2019–2021 forecasts are largely unchanged, and at a 2020e FCF yield of 9.2% (11.3% pre-expansion capex), we still see strong value support and await the new principal shareholder, Impilo AB, making its mark. We reiterate our BUY and SEK65 target price.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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