Axactor (Hold, TP: NOK3.80) - Still-weak collection performance
Q3 cash EBITDA was up 5% YOY due to lower opex and the sale of NPL portfolios in Spain. The macroeconomic backdrop continues to put pressure on collections and investments, with the limited headroom to bond covenants adding to the funding risk. We have cut our 2025–2026e EPS by 3-4%, and our target price to NOK3.8 (4.4), but reiterate our HOLD.
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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