Axactor (Buy, TP: NOK6.80) - Abating interest rate pressure
We forecast Q1 pre-tax profit of EUR7m, down YOY, due to higher financing costs, although interest rates have stabilised since end-Q4. Somewhat softer collections from non-performing loans (NPL) and third-party (3PC) should lead to total income 3% lower YOY. We expect gradually increasing investments, with total volumes above replacement in 2024. We have made limited estimate revisions for 2025, and we reiterate our BUY and NOK6.80 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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