Eyes on the second half of '25

Finland is weak but PA continues to improve

Easter turns from tailwind to headwind

Finland lags behind

Humana (Buy, TP: SEK52.00) - Growth agenda back in focus

The Q1 results were mixed, but with the financials now in good order, we see more of a growth focus ahead. We find management’s priorities logical, with our underlying forecast largely unchanged, but our 2025–2027e EPS cut by 6–2% on FX and non-cash items. We reiterate our BUY, but have trimmed our target price to SEK52 (53), focusing on Humana’s market opportunity, operating profile, financial outlook and valuation.

Slight miss on adj. EBIT

Positive Easter effect

Humana (Buy, TP: SEK53.00) - Back in capital allocation mode

The Q4 results solidified Humana’s return to stronger execution, with financial gearing again at an investment-grade level, allowing for more investor-friendly capital allocation (DPS SEK1.00 and renewed share buybacks). We find the new management’s priorities logical, and have minorly revised our 2025–2027e EPS. We reiterate our BUY and SEK53 target price on the operating and financial credentials, focusing on Humana’s market opportunity, operating profile, financial outlook and valuation.

Humana AB: 2 directors

A director at Humana AB bought 2,500 shares at 37.730SEK and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

Strong end to the year in Norway

Solid EBIT beat

Divestment of Finland units confirmed

We keep BUY after a solid Q3

Better than expected due to I&F

Still struggling to get PA back on track

Q2 a slight disappointment

Q2 EBIT 13% below consensus. Long-term revisions limited. Reiterate BUY with unchanged TP of SEK 40.

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.

PA still suffers from lower volumes

Major transition ongoing

Q2 report due on 19 July. Acquisition in Norway, divestment in Finland added. New CEO announced from Norlandia Care.

Profitability is on the rise

Q1 EBIT 7% above consensus. We raise '24e EBIT by 6%. Up to BUY (Hold) with a new TP of SEK 35 (28).