Axactor (Buy, TP: NOK7.50) - Addressing funding risk
Axactor’s strong collection momentum continued in Q4 following the pre-announced investment volumes of EUR288m for 2022. Q4 gross revenues were EUR89m, up 15% YOY excluding the discontinued real estate owned (REO) segment. As interest rates are still creating uncertainty for new portfolio prices and an upcoming bond refinancing, management continues to focus on capital discipline and deleveraging. We have raised our 2023–2024e EPS by 2–3% and reiterate our BUY and NOK7.50 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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