Humana (Buy, TP: SEK50.00) - Price-cost challenges ahead
We expect Humana to continue its sequential recovery in Q4, but low index and price increases indicate a need to mitigate cost inflation and lowers the trajectory of our earnings recovery scenario. We have cut our 2022–2024e EPS by 6–23%. We still like the demand outlook and attractive valuation. We reiterate our BUY but have cut our target price to SEK50 (62), resetting the valuation base to reflect the current equity market.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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