Axactor (Buy, TP: NOK7.50) - Set for investment discipline
We forecast Q1 cash EBITDA of EUR57m, 7% higher YOY, driven primarily by 12% YOY growth in ERC following the gradual investment ramp-up during 2022. Having reached an agreement with its banks on the RCF renewal, the funding risk involved with the upcoming ACR02 bond maturity (12 January 2024) has been mitigated further. At a 2024e P/E of below 5x, we continue to find the stock attractively valued and reiterate our BUY and NOK7.5 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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