Axactor (Hold, TP: NOK5.90) - Collection rebound
Through lower portfolio amortisation and improved funding costs, Axactor reported Q1 PTP of EUR13.5m, 41% higher YOY. Despite lower NPL collections following the portfolio sales in November, collection performance returned to above 100%, supported by the portfolio revaluation undertaken in Q4. Having repurchased an additional share of the ACR03 bond, Axactor appears better positioned to refinance in 2025. We have raised our 2026–2027e EPS by ~10%, and our target price to EUR5.9 (4.3), but reiterate our HOLD.
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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