Axactor (Buy, TP: NOK10.00) - Scaling back
While the operating environment in certain geographies seems to have improved gradually during the quarter, we still forecast material portfolio impairments in Q2, pushing net profit into negative territory. The risk of covenant breaches is imminent, and we believe the ability to scale down investments is important to obtain the needed flexibility for its lenders. We have tweaked our 2021–2022e EPS, while cutting 2020e EPS due to lowered collections and investments. 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.
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.