Humana AB

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.
  • TickerA2AFX9
  • ISINSE0008040653
  • ExchangeNasdaq Nordic Stockholm
  • SectorHealth Care Equipment & Services
  • CountrySweden

Analysts

1 director bought

A director at Humana Ab bought 50,000 shares at 49.273SEK and the significance rating of the trade was 50/100. 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. The names of board me...

Karl-Johan Bonnevier

Humana (Buy, TP: SEK65.00) - Has potential, despite headwinds

Q2 was eventful, with the Coronaria Hoiva acquisition creating more headwinds than expected. Given the weak general sentiment, any disappointment costs dearly and we have cut our 2019e EPS by 14%, although our 2020–2021e EPS is relatively unchanged (down 0–1%). The weak share price performance has raised the 2020e FCF yield to 11.7% (14.2% pre-expansion capex), implying strong value support. BUY reiterated, but target price cut to SEK65 (68).

Håkon Astrup ...
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Mats Bye
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Karl-Johan Bonnevier

Humana (Buy, TP: SEK75.00) - Q1 challenge already in reverse

Humana’s quality operational credentials again came under pressure in Q1 with the challenges affecting the Swedish I&F segment. However, Q1 met expectations, the I&F challenge is already in reverse, the three other business are areas achieving profitable growth, and the Coronaria Hoiva OY acquisition is set to contribute from Q2. We therefore still see good prospects for profit growth for 2019. At a 2020e FCF yield of 9.7% (11.6% pre-expansion capex), we still find strong value support, and reiterate our BUY and SEK75 target price.

Karl-Johan Bonnevier

Humana (Buy, TP: SEK65.00) - Has potential, despite headwinds

Q2 was eventful, with the Coronaria Hoiva acquisition creating more headwinds than expected. Given the weak general sentiment, any disappointment costs dearly and we have cut our 2019e EPS by 14%, although our 2020–2021e EPS is relatively unchanged (down 0–1%). The weak share price performance has raised the 2020e FCF yield to 11.7% (14.2% pre-expansion capex), implying strong value support. BUY reiterated, but target price cut to SEK65 (68).

Karl-Johan Bonnevier

Humana (Buy, TP: SEK75.00) - Q1 challenge already in reverse

Humana’s quality operational credentials again came under pressure in Q1 with the challenges affecting the Swedish I&F segment. However, Q1 met expectations, the I&F challenge is already in reverse, the three other business are areas achieving profitable growth, and the Coronaria Hoiva OY acquisition is set to contribute from Q2. We therefore still see good prospects for profit growth for 2019. At a 2020e FCF yield of 9.7% (11.6% pre-expansion capex), we still find strong value support, and reiterate our BUY and SEK75 target price.

Ole-Andreas Krohn

SME Update: Hot returns and cold liquidity

SME Update: Hot returns and cold liquidity (2 pages)

Karl-Johan Bonnevier

Humana (Buy, TP: SEK80.00) - Back on a strong footing

Humana firmly re-established its quality credentials in 2018, returning to organic growth and EBIT margin expansion. FCF generation is back on track, and we find strong value support at a 2019e FCF yield of 8.8% (10.5% pre-expansion capex). We reiterate our BUY and SEK80 target price, and see further upside potential in the re-emerging organic growth case and assuming the successful integration of Coronaria Hoiva OY.

Karl-Johan Bonnevier

Humana (Buy, TP: SEK80.00) - 2019 off to a promising start

Humana has announced its largest acquisition since 2014, acquiring Coronaria Hoiva OY in Finland, further bolstering its already strong Finnish operation. We find the acquisition EPS accretive with an RoIC of c10% – good considering the deal size. The deal also shows that FCF generation is on track and we find value support at an 8.5% 2019e FCF yield (10.1% pre-expansion capex). We keep our BUY and have lifted our target price to SEK80 (73), also noting Humana’s supportive recent ownership structure change.

1 director bought

A director at Humana Ab bought 50,000 shares at 49.273SEK and the significance rating of the trade was 50/100. 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. The names of board me...

Håkon Astrup ...
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Mats Bye
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Eivind Sars Veddeng ...
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Mats Bye
  • Mattias Montgomery
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Karl-Johan Bonnevier ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

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