SPV hits the ground running
Axactor reported Q3 results that were slightly below consensus expectations with a net profit of EUR0.3m, vs consensus at EUR1.3m and our estimate of EUR1.6m. The deviation was a result of somewhat weaker results on most revenue lines and slightly higher costs. However, we believe consensus 2018-2019 EPS estimate will be fairly unchanged on the back of the Q3 result, given the minor size of the miss. Axactor also announces a NPL acquisition in Spain with a purchasing price of around EUR60-70m, composed of a mix of secured, unsecured and Real Estate Owner claims, of which the majority of the NPL size will be allocated to the newly established SPV.Axactor AB (publ), formerly known as Nickel Mountain Group publ AB, is a Sweden-based company, which is primarily involved in the credit management service industry. The Company is focused on non-performing loan (NPL) sector that includes credit card debt, private leasing, residual mortgages, consumer loans, mortgages, secured loans with collateral, small business loans, among others. The Company is active within the debt purchase and debt collection area. It specializes in the amicable collection, legal collection, surveillance and recovery services. Axactor AB (publ) operates through its wholly owned subsidiary ALD Abogados SL, which is a Spain-based legal debt collection platform. The Company has a portfolio pipeline in Spain, Germany and Italy, among others.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.