Axactor (Hold, TP: NOK4.30) - Modest collection environment
We forecast Q2 EBITDA of EUR33m, 2% higher YOY, as we expect a continued modest collection trend. Despite strong profitability on recent portfolio investments, NPL volumes are likely to remain at the low end of the guidance for 2024. Market interest rates continued to stabilise during the quarter, with forward curves pointing further downwards, providing relief from the high funding costs in recent quarters. We have cut our 2025–2026e EPS by ~4% and our target price to NOK4.3 (4.6). However, we 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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