Humana (Buy, TP: SEK75.00) - Q1 challenge already in reverse
Humana’s quality operational credentials again came under pressure in Q1 with the challenges affecting the Swedish I&F segment. However, Q1 met expectations, the I&F challenge is already in reverse, the three other business are areas achieving profitable growth, and the Coronaria Hoiva OY acquisition is set to contribute from Q2. We therefore still see good prospects for profit growth for 2019. At a 2020e FCF yield of 9.7% (11.6% pre-expansion capex), we still find strong value support, and reiterate our BUY and SEK75 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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