Axactor (Buy, TP: NOK13.00) - Cleaner and leaner
Last week, Axactor announced a multi-step transaction addressing most of the challenges that have been weighing on the stock recently. In brief, we believe this should ensure a cleaner, leaner, larger set-up, leaving Axactor with valuable investment capacity in an increasingly attractive European NPL market. We have raised our 2021–2022e EPS by 24–27% on a rather conservative capex phase-in, and increased our target price to NOK13 (10). We reiterate our BUY.
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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