Humana (Buy, TP: SEK64.00) - Signs of improving stability
Humana was already in corrective mode ahead of the Covid-19 outbreak, which contributed to a much improved performance QOQ, with Q1 EBITA up 23% YOY, albeit against easy comparables. We have made minor forecast revisions and believe that Humana needs to re-establish its credentials as a smoothly running operation before it can reach its full valuation potential. At a 2021e FCF yield of 7.9% (11.6% pre-expansion capex), we still find strong value support and reiterate our BUY and SEK64 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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