Axactor (Buy, TP: NOK6.80) - Aiming high for 2026
Axactor reported strong Q4 EBIT of EUR32m, up 11% YOY driven by higher income from the NPL and 3PC segments, in addition to improved opex. As part of its new financial targets for 2026, Axactor is aiming for an ROE of 12% while maintaining an ambition of a 20–50% dividend payout. As NPL portfolio prices have yet to fully reflect the rising interest rates, Axactor aims for EUR100m–200m in annual investments. We have cut our 2024–2025e EPS by 3–5% on the outlook for somewhat lower collections, but reiterate our NOK6.80 target price and 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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