Axactor (Buy, TP: NOK13.00) - Sustained discipline
While market activity is gradually picking up speed, we believe Axactor sustained its investment discipline during Q2. However, robust collection trends and seasonality should lead to solid revenues, which, combined with continued cost measures, take our Q2e EBIT to EUR22.3m. We have trimmed our 2022–2023e EPS by 0–3% but reiterate our BUY and NOK13 target price. The stock is trading at a ~20% discount to book value, which in our view offers an attractive risk/reward should Axactor deliver on its ROE-enhancing targets.
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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