Humana (Buy, TP: SEK74.00) - Promising signs of improvement
Humana’s Q3 report showed promising signs of a more stable underlying improvement and performance across the operating units. We have raised our 2020–2021e EPS by 5–6%. We like the asset-light cash-generating model given the appealing mid-term fundamentals and attractive valuation at a 2020e FCF yield of 8.9% (10.8% pre-expansion capex). We still see good value support and await the new principal shareholder, Impilo AB, making its mark. We reiterate our BUY and have raised our target price to SEK74 (65).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.