Axactor (Hold, TP: NOK4.30) - Investing through the trough

Despite a still-challenging collection environment, Q2 cash EBITDA was EUR61m, up 3% YOY as cost-efficiency measures again reduced opex. Investment activity surged during the quarter, as EUR70m in NPL portfolio acquisitions (the highest since Q4 2022) contributed to another increase in the portfolio gross IRR. Since 2021, the gross IRR has risen from 15.7% to 18.9%. We have tweaked our 2025-2026e EPS after the report, and reiterate our HOLD and NOK4.3 target price.

Solid investments help ERC

Up investments, better cash EBITDA

Cash EBITDA +10%/+8 vs. ABG/consenus, margins 68.4%...; ...while EBIT still just on the softer side vs us and cons, but...; ERC back to growth +4% q-o-q = cons +5-10% = stock +2-10%

DSV (Buy, TP: DKK1775.00) - Global leader in the making

DSV (DSV DC, Buy) - Global leader in the making (23 pages)

Fortnox (Buy, TP: SEK82.00) - Improving fundamentals in Q3e

Short interest is all-time-high after the recent FT scepticism and CEO announcing his departure. We would have preferred to see the CEO execute the next five-year plan, and believe this could keep some investors on the sidelines until a successor is found. We expect short-term uncertainty to decline due to 1) Q3 organic growth acceleration to 28% YOY; 2) we are 2% above Bloomberg consensus on seasonally important Q3e EBIT; and 3) we expect a step-change in FCF. We reiterate our BUY with a reduced target price of SEK82 (84), and note insider buying of SEK42m thus far in Q3.

Elmera Group (Sell, TP: NOK21.00) - Historical price increases could prove illegal

We reiterate our SELL and have lowered our target price to NOK21 (24) on what we see as an increased risk of potential significant compensation to consumers following price increases that could prove illegal, according to European consumer law.