Humana (Buy, TP: SEK65.00) - Improving underlying stability
Humana has managed the Covid-19 challenge very well, with the Q2 report showing a further improvement in underlying operational stability, and all areas reporting improved profit margins YOY. Solid FCF generation has re-established the company’s financial flexibility and we have made only minor underlying forecast revisions. We like Humana’s asset-light cash-generating model, good medium-term fundamentals, and attractive valuation. We reiterate our BUY and have raised our target price to SEK65 (64).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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