Axactor (Buy, TP: NOK50.00) - Set for a good start to 2019
For Q1 we forecast broadly flat net profit QOQ of EUR4.3m (results due at 07:00 CET on 26 April), as well as gross collections of EUR71m, reflecting solid underlying growth and an uptick in REO collections from the low levels in Q4, only partly offset by a seasonal downtick QOQ. We also expect seasonally low capex of EUR70m, predominantly stemming from forward flow contracts. We have made only small estimate changes, and reiterate our BUY and NOK50 target price as we find the valuation attractive at P/E 2020e of 4.3x.
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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