Humana (Hold, TP: SEK34.00) - Streamlining business portfolio
Q2 showed a return to a more solid execution with an in line report. The refocusing of the business portfolio is increasing Humana’s specialisation and should permit a further deleveraging, potentially allowing for a return to a growth focus from 2025. We reiterate our HOLD, but have raised our target price to SEK34 (30) on increasing peer group valuations, and awaiting the incoming CEO Nathalie Boulas Nilsson putting her mark on the long-term potential of the case.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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