Axactor (Buy, TP: NOK50.00) - Bottom-line uptick in Q4
Axactor reported a bottom line of NOK4.4m in Q4, up from around zero in recent quarters. The result was boosted by revaluations of NPLs while REO collections were lower than we forecast, partly due to a market setback in October–November related to political issues in Spain. We have cut our 2019–2020e EPS by ~7% to account for the updated ERC curves with more REO collections being pushed further out in time. We find Axactor attractively valued at a 2020e P/E of 4.9x and we keep our BUY and NOK50 target price.
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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