Axactor (Buy, TP: NOK12.00) - A low-season quarter
While the market outlook remains attractive, we expect a sustained modest investment pace for Q3 (results due at 07:00 CET on 27 October). We also expect seasonality to put a dent in Q3 collections and forecast a Q3 EBITDA of EUR19.5m. As we have lowered our 2022–2023e EPS by 3–4%, we have trimmed our target price to NOK12 (13). We reiterate our BUY and continue to find the risk/reward attractive, supported by a fundamentally strong market outlook and the modest valuation (2021e P/B of c0.6x).
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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