Axactor (Buy, TP: NOK13.00) - Clean-up continues
Q1 marked another clean-up quarter for Axactor, with its underlying performance in line with our forecasts. While collections were on a par with our estimate, the Q1 results showed limited signs of a pick-up in activity, which we continue to expect in H2 2021. Our 2022–2023 EBIT estimates are largely unchanged, as marginally lower revenues are offset by lower costs following the restructuring programme, which management expects to provide annual cost savings of ~EUR5m from Q4. We reiterate our BUY and target price of NOK13.
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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