Axactor (Hold, TP: NOK6.50) - Strong investment trend
Axactor reported a solid Q1, with EBITDA and earnings showing strong improvements YOY. Portfolio collection was in line with management’s forecast following the large portfolio revaluations made in Q4. Investments in new portfolios reached their highest level since Q1 2020, and management maintained its EUR200m–250m investment guidance for 2022. We have raised our 2022–2024e EPS by 1–3% to reflect the positive investment trend. We reiterate our HOLD and NOK6.5 target price.
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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