Humana (Hold, TP: SEK29.00) - Back on firmer ground
Q2 was solid given the unprecedented circumstances, with I&F and the Finnish operation offsetting the challenge in PA and weak Elderly Care. The successful defence in the IVO case lowers the risk, but we still see a need for Humana to re-establish its quality credentials. We reiterate our HOLD but have raised our target price to SEK29 (17), implying a valuation close to peers and a 30% (50%) discount to its historical NTM valuation.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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