Axactor (Hold, TP: NOK4.60) - Challenging collection climate
Soft collections in the Nordic and German markets, and corresponding portfolio revaluations, led to a 9% YOY drop in total income in Q1. Although the EUR100m–200m annual investment target was reiterated, we expect modest activity short-term due to limited NPL volumes at attractive prices. We have cut our 2025–2026e EPS by 10–14%, primarily reflecting lower collections, lowered our target price to NOK4.6 (6.8), and downgraded the stock to HOLD (BUY).
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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