Handicare (No_rec, TP: SEK) - Discontinuing coverage

We have discontinued coverage of Handicare. Our last published recommendation, target price and estimates should no longer be relied upon.

Handicare - Terminating coverage

ABGSC terminates coverage of Handicare Due to the delisting of the company Last published estimates are shown in this report

Handicare Group AB: 1 director sold

A director at Handicare Group AB sold 31,333 shares at 50.000SEK and the significance rating of the trade was 74/100. 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 clea...

Northern Lights

Handicare (Hold, TP: SEK50.00) - Waiting to be sold

There was limited news in the Q4 report following the 27 January pre-announcement of sales of EUR59.2m and adj. EBITA of EUR7.9m. As also indicated in the announcement, Accessibility drove the Q4 results, with sales of EUR43.8m, corresponding to c12% organic growth. We expect Savaria’s SEK50/share cash offer to be accepted, and therefore reiterate our HOLD and SEK50 target price

Handicare - Solid Q4 results

Q4: org. growth of 6%; good overall performance Accessibility EBITA margin of 20% Expects to be in line with financial targets in 2021

Northern Lights

Handicare (Hold, TP: SEK50.00) - Savaria cash offer of SEK50/share

Handicare has announced a cash offer from Savaria of SEK50/share. Majority shareholder Nordic Capital has accepted, and the board unanimously recommends the offer. We view it as fair, and see Savaria as the best possible industry buyer, with the greatest potential for synergies. Based on the offer and today’s share price performance, we have downgraded to HOLD (BUY), with a target price of SEK50 (54).

Handicare - Savaria to aquire Handicare

Savaria offering SEK 50 per share The BoD has recommended the offer The Offer corresponds to ‘21e EV/EBITA c.13x ABGSCe

Northern Lights

Handicare (Buy, TP: SEK54.00) - Robust recovery in Stairlifts

As indicated in the 13 October announcement, Stairlifts drove Q3 revenue and EBITA and Vehicle Accessibility was the main negative. Near-term outlook comments suggest a continued recovery in Stairlifts, Patient Handling struggling with reduced access to hospitals, and improving profitability from ‘Lift Up’ benefits. We reiterate our BUY and SEK54 target price.

Handicare (Buy, TP: SEK54.00) - Stairlifts back on track

There was limited news in the Q3 report following the 13 October announcement of sales of EUR53.2m and EBITA of EUR6.1m. As also indicated in the announcement, Accessibility drove the positive Q3 results on revenue and profitability, while Patient Handling continued to struggle. We believe a neutral share price reaction is warranted today.

Handicare - Q3 was solid; expecting further improvements

Sales and earnings in line with preliminary figures October has started in line with Q3 trends ‘21e EV/EBITA 13x on our pre-Q3 estimates

Northern Lights

Handicare (Buy, TP: SEK54.00) - Strong beat in Q3

Handicare pre-announced Q3 earnings with significantly higher profit than we and the market had forecast. Revenue is expected at EUR53.2m and EBITA at EUR6.1m, with revenue of EUR40.7m coming from Accessibility, corresponding to organic growth of 6.2% in Q3. We have increased our estimates for 2020e and forward, reflecting greater demand from a higher base. We reiterate our BUY and have lifted our target price to SEK54 (41). The report is due at 8:00 CET on 5 November.

Handicare (Buy, TP: SEK54.00) - Strong beat in Q3

Handicare pre-announced Q3 earnings with significantly higher profit than we and the market had forecast. Revenue is expected at EUR53.2m and EBITA at EUR6.1m, with revenue of EUR40.7m coming from Accessibility, corresponding to organic growth of 6.2% in Q3. We have increased our estimates for 2020e and forward, reflecting greater demand from a higher base. We reiterate our BUY and have lifted our target price to SEK54 (41). The report is due at 8:00 CET on 5 November.

Handicare - Improved Stairlift demand drives strong Q3

Accessibility delivered +6% organic growth in Q3 Adj. EBITA margin of 11.5%; well above our expectations ’21e-’22e EBITA up by 8-10%, ’21e EV/EBITA c.13x

Handicare - Strong Q3’20 as demand recovers for Stairlifts

Adj. EBITA of EUR 6.1m expected (EUR 1.1m ABGSCe) Accessibility +6% organic growth Encouraging progress; ‘21e EV/EBITA is c.12x pre Q3

Handicare - Feedback from ABGSC Investor Day

Investment highlights provided by CEO and CFO Lift-up programme is well on track The progress is encouraging; EV/EBITA is c.11x ’21e

Handicare - Moving on up

Q2 organic decline -32%, adj. EBITA EUR 0.9m ‘20e EBIT up 16% Demand is recovering for Accessibility