Axactor (Buy, TP: NOK13.00) - Things in place for ramp-up
With added investment capacity and extended debt maturities, we find Axactor well placed to take part in the coming NPL up-cycle. We expect a continued pick-up in gross revenue generation in Q4 (EUR88m), and EBIT of EUR21m. We have raised our 2021–2022e EBIT by ~0–2%, while reiterating our BUY and NOK13 target price, implying an attractive 7.5x 2022e P/E, in our view.
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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