Axactor (Buy, TP: NOK25.00) - Ending the year with a small beat
Axactor reported somewhat stronger Q4 EPS than consensus and we had expected after the P&L had been pre-announced down to the EBITDA line last week. Axactor guided for capex of EUR350m–400m in 2020, leading us to reduce our estimate from EUR450m to EUR400m. This is the main reason for our 2020–2021e EPS cut of ~9%. We have reduced our target price correspondingly to NOK25 (27). As the stock is trading at a relatively modest P/E 2021e of 5.5x, we see significant upside potential to valuation and 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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