Axactor (Buy, TP: NOK10.00) - Clear sign of improvements
Most metrics improved during Q3 with a pickup in collections, a return to positive cash generation and continued cost-savings measures. Cash EBITDA beat our estimate by 3%, while EPS was meaningfully above our forecast due to an REO impairment reversal of EUR5.1m and a lower amortisation rate. We have kept our estimates largely unchanged and continue to find the valuation attractive at ~7x our 2021e EPS. We reiterate our BUY and NOK10 target price.
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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