Humana (Buy, TP: SEK68.00) - Two steps forward and one back
Humana’s Q4 was eventful with basically all areas showing weak profitability, representing a mix of structural problems and implemented corrective measures. 2020 management focus will be on profitability and creating stability, clearly needed to fully re-establish Humana’s investment credentials. The weak stock performance has raised the 2020e FCF yield pre-expansion capex to 10.6%, implying good value support. We reiterate our BUY, with a lowered target price of SEK68 (74).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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