Coor Service Management Holding AB

Coor Service Management Holding AB is a Sweden-based company engaged in the business support services industry. The Company specializes in integrated facility management (IFM), including both soft and hard kinds of services, such as cleaning, reception, catering, post and parcel, strategic consulting and others. The services can be offered as single or package. The Company operates across Sweden, Finland, Norway and Denmark.
  • TickerA14U1Y
  • ISINSE0007158829
  • ExchangeNasdaq Nordic Stockholm
  • SectorSupport Services
  • CountrySweden

Analysts

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Weak report across the board

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK96.00) - Q2 business as usual

As expected, Coor’s Q2 was another business-as-usual quarter, with still-strong yet moderating organic growth (4.7% YOY) and contract transitions and ramp-ups burdening the profit margin short-term, in line with recent patterns. High contract retention rates and new contract signings add to the growth outlook, with 2019e de-risked, looking at the level of renewals. We still like the FCF profile, low operational risk, potential for value-enhancing acquisitions and supportive dividend yield. We reiterate our BUY and SEK96 target price.

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK96.00) - Another business-as-usual quarter

Q2 looks to be another business-as-usual quarter (results due at 07:30 CET on 18 July), with still-strong yet moderating organic growth (6.3% YOY) and a stable EBITA margin, indicating 8% YOY adj. EBITA growth to SEK143m. High contract retention rates and new contract signings add to the growth outlook with 2019e de-risked, looking at the level of renewals. We still like the FCF profile, low operational risk, and potential for value-enhancing acquisitions. We reiterate our BUY and have raised our target price to SEK96 (92).

Christoffer Wang Bjørnsen ...
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

1 director bought

A director at Coor Service Management Holding Ab bought 2,751 shares at 83.000SEK and the significance rating of the trade was 65/100. 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 showing Close periods where trading activity is restricted under listing rules....

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK96.00) - Q2 business as usual

As expected, Coor’s Q2 was another business-as-usual quarter, with still-strong yet moderating organic growth (4.7% YOY) and contract transitions and ramp-ups burdening the profit margin short-term, in line with recent patterns. High contract retention rates and new contract signings add to the growth outlook, with 2019e de-risked, looking at the level of renewals. We still like the FCF profile, low operational risk, potential for value-enhancing acquisitions and supportive dividend yield. We reiterate our BUY and SEK96 target price.

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK96.00) - Another business-as-usual quarter

Q2 looks to be another business-as-usual quarter (results due at 07:30 CET on 18 July), with still-strong yet moderating organic growth (6.3% YOY) and a stable EBITA margin, indicating 8% YOY adj. EBITA growth to SEK143m. High contract retention rates and new contract signings add to the growth outlook with 2019e de-risked, looking at the level of renewals. We still like the FCF profile, low operational risk, and potential for value-enhancing acquisitions. We reiterate our BUY and have raised our target price to SEK96 (92).

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK92.00) - 2019 already de-risked

Coor continued to show strong Q1 organic growth (+10% YOY), with the high growth burdening the profit margins (-25bp YOY) short-term and solid FCF generation, in line with recent patterns. The Danish Police contract extension adds to the growth outlook and de-risks 2019e in renewals, with history likely to repeat itself on maturing contracts expanding profit margins. We have raised our EPS by 2–3% for 2020–2021e and reiterate our BUY and SEK92 target price

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK92.00) - The ‘dolphin business’

Q1 looks to be a business-as-usual quarter (results due on 2 May), with still-strong organic growth (5.6% YOY) and some profit margin expansion (21bp YOY), suggesting 19% YOY growth in adjusted EBITA, to SEK137m. We still like the FCF profile, low operational risk, and potential for value-enhancing acquisitions. The annual dividend is due in late April (direct yield 4.8%), providing strong yield support. We reiterate our BUY while raising our target price to SEK92 (82), moving the base year for our valuation.

Karl-Johan Bonnevier

Coor Service Management (Buy, TP: SEK82.00) - Organic growth remains strong

Although organic growth remained strong in Q4 (+9.0% YOY), contract transitions, acquisitions and high growth had a short-term impact on profit margins (-75bp YOY). History should repeat itself on maturing contracts, thus our 2019–2021 forecasts are broadly unchanged. Strong FCF created room for a high 2018 dividend payout (proposed SEK4.00; yield 5.6%) giving good support. We reiterate our BUY and SEK82 target price.

1 director bought

A director at Coor Service Management Holding Ab bought 2,751 shares at 83.000SEK and the significance rating of the trade was 65/100. 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 showing Close periods where trading activity is restricted under listing rules....

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Weak report across the board

Christoffer Wang Bjørnsen ...
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Frank Maaø ...
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Eivind Sars Veddeng
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Jon Masdal ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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