Humana (Hold, TP: SEK27.00) - Never a good time to leave
Q4 was mixed, with Finland and Norway partly offsetting challenges in Sweden and much-improved FCF lending some support. We still see a need for Humana to re-establish its quality credentials, and believe high financial gearing implies that deleveraging focus is needed also in 2024, with the departure of CEO Johanna Rastad adding uncertainty at the wrong time. We reiterate our HOLD but have lowered our target price to SEK27 (29).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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