ABG Sundal Collier Sponsored - Axactor SE (AXA) Axactor - Underlying better, but one-offs blur

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ABG Sundal Collier Sponsored

Jan Erik Gjerland ...

Jonas Bru Lien

Axactor - Underlying better, but one-offs blur

Q1’21: Cash EBITDA EUR 52m, 4m below ABG and cons Deviation driven by one-offs from cost reduction initiative EUR 4m EBITDA uplift from YE’21 from cost reductions

30/04/2021 5 EN

Underlying

Axactor SE

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SE0011309319 Sweden

Provider

ABG Sundal Collier Sponsored

ABG Sundal Collier is the independent, Nordic investment banking powerhouse, developed over 30 years, founded on a hard working partnership culture and the ability to attract top talent.

Our strategy is to be an advisor and an intermediary, and the core product offering comprise corporate advisory services, corporate financing services and investor research and brokerage services.

Our corporate advisory team offers access to a broad financial and industrial network and unparalleled transaction experience. We provide financing to corporates through our superior Nordic and international distribution platform, and we are optimally structured for naturally matching trading flows, delivering best execution for clients.

The group employ approx. 250 staff working from the Nordic offices in Norway, Sweden and Denmark and in the offices in the key international markets US, UK and Germany.

See profile

Analysts

Jan Erik Gjerland

Jonas Bru Lien

Other Reports on these Companies

DnB Markets

Axactor (Buy, TP: NOK13.00) - Scale benefits visible

While we acknowledge that costs will rise as activity picks up, we believe the underlying trends in Q2 demonstrate the scale benefits of Axactor’s operating model. Reaching its full-year capex guidance of EUR200m is, however, looking increasingly challenging to us, with the lion’s share needed to be closed in Q4e. We have lifted our 2022–2023e EPS by 0–1%, and reiterate our BUY and NOK13 target price based on a still-attractive risk/reward, with the stock trading at a 35% discount to its 2021e BV and ample ROE upside potential.

Free Trial

August 17, 2021 August 17, 2021 13 EN

DnB Markets

Axactor (Buy, TP: NOK13.00) - Sustained discipline

While market activity is gradually picking up speed, we believe Axactor sustained its investment discipline during Q2. However, robust collection trends and seasonality should lead to solid revenues, which, combined with continued cost measures, take our Q2e EBIT to EUR22.3m. We have trimmed our 2022–2023e EPS by 0–3% but reiterate our BUY and NOK13 target price. The stock is trading at a ~20% discount to book value, which in our view offers an attractive risk/reward should Axactor deliver on its ROE-enhancing targets.

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August 12, 2021 August 12, 2021 13 EN

ABG Sundal Collier Sponsored

Axactor - Earnings accretion, cost savings and easy comps

Underlying better earnings than expected in Q1 Savings lift est. reported EBITDA 3% for 2022e-23e Estimated fair value range of NOK 8.4-26.8/share

May 3, 2021 May 3, 2021 14 EN

The negatives dominated the share

EBIT revisions of -6% to + 3%. Good order execution and financial discipline. Order intake and loss from continued operations disappointed.

9h / 2m 9h / 2m 1 EN

ABGSC Media Research ... (+2)

ABGSC Media Research
Mikkel Kousgaard Rasmussen

SDR behind another round of estimate cuts

Soft Q1 combined with a downgrade of the FY'24 guidance. Synergies unlikely to show in '24e: cutting EBIT by 16-4%. FVR down to DKK 57-96, net cash position of DKK ~41/share.

10h / 8m 10h / 8m 1 EN

ABGSC IT Research ... (+4)

ABGSC IT Research
Daniel Thorsson
Nikola Kalanoski
Simon Granath

Weathering storms adeptly

Adj. EBIT +3% y-o-y, despite a 7% sales drop y-o-y. We make small estimate revisions. +16% adj. EBIT growth in '24e, 11x EV/EBIT adj.

15h / 32m 15h / 32m 1 EN

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Axactor - Underlying better, but one-offs blur

Axactor (Buy, TP: NOK13.00) - Scale benefits visible

Axactor (Buy, TP: NOK13.00) - Sustained discipline

Axactor - Earnings accretion, cost savings and easy comps

The negatives dominated the share

SDR behind another round of estimate cuts

Weathering storms adeptly

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