Axactor (Buy, TP: NOK13.00) - Back-end loaded capex ramp-up
In our view, the Q4 report demonstrated that fundamentals are gradually moving in the right direction, leaving Axactor well positioned for an investment ramp-up during 2021. However, management comments suggest a back-end loaded capital deployment. We have made only limited changes to our 2021–2022e EPS, and reiterate our BUY and NOK13 target price. We continue to apply a discount to company-provided collection curves, acknowledging the meaningful potential for earnings expansion should it meet its expectations.
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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