Axactor (Hold, TP: NOK4.40) - Easing pressure from interest rates
We forecast Q3 EBITDA of EUR30m, 12% lower YOY as soft collections should offset reduced funding costs. We expect the weak trend to continue into Q3, partly offset by higher growth from 3PC. As European interest rates continue to decline, we see pressure on earnings easing with the gradual fall in funding costs. We have raised our 2025–2026e EPS by c3–4% and our target price to NOK4.40 (4.30), while we reiterate our HOLD. The report is due at 07:00 CET on 31 October.
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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