Axactor (Buy, TP: NOK7.00) - Looking to refinance bond
Q1 gross collections were EUR83m, up 5% YOY but negatively affected by the 98% collection performance, offsetting part of the 12% YOY growth in remaining collections (ERCs). Although a lawyers’ strike in Spain hurt collections, part of the underperformance was from customers being granted delayed payment, which also led to lower amortisations, boosting net revenues. Axactor is aiming to refinance its ACR02 bond in Q2 or Q3, and is assessing alternatives (bond markets, bank financing or private debt). We have lowered our 2024–2025e EPS by 3–5% and cut our target price to NOK7.0 (7.5); however, given the potential upside, we reiterate our 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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