Axactor (Buy, TP: NOK10.00) - Sequential earnings pick-up
We forecast a sequential pick-up in collections and net profit QOQ, as we believe the gradually improving collection trends evident in Q2 have continued into Q3. With no material portfolio revaluations and continued cost-savings, we forecast an EBITDA of EUR20.1 and an EPS back into positive territory for Q3. We have raised our 2021–2022e EPS by 3–5% (from a low base), but 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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