Humana (Buy, TP: SEK85.00) - Predictability and stability
Humana’s ambition to increase predictability and stability continues to pay off with Q1 being no exception, with solid growth, profitability and cash flow, even as many of its underlying markets were anything but stable. Improved financial flexibility has created room for new growth initiatives and further share buybacks with the upcoming doubling of the Swedish elderly care exposure set to provide a good contribution in 2022, in our view. We have raised our 2021–2023e EPS by 3–5%, reiterating our BUY with a SEK85 (82) 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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