Axactor (Buy, TP: NOK27.00) - Equity issue and preliminary Q4
Axactor published preliminary Q4 results in conjunction with its announcement of terminating a public offer discussion at NOK22/share. EBITDA of EUR23.8m was below our estimate EUR27.2m, mainly on lower NPL collections owing to a strike at the Finnish post service and IT issues at the Swedish bailiff. Also yesterday, Axactor issued 30m shares in a private placement. As a result, we have raised our 2020e capex to NOK450m. The net effect of a soft Q4 and increased capex is we have cut our 2020e EPS by 17% and raised 2021e EPS by 2%. We reiterate our BUY but have reduced our target price to NOK27 (30).
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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