Axactor (Hold, TP: NOK7.20) - Investment uptick materialising
We forecast Q2 EBITDA of EUR24m (report due at 07:00 CET on 18 August) as collection performance holds firm amid rising inflationary pressure. We saw a modest uptick in investment volumes in the quarter, particularly from Southern Europe, with long-awaited new volumes coming in. We estimate Axactor invested EUR65m in new portfolios, with full-year investments towards the higher end of the 2022 target range. We reiterate our HOLD but have increased our target price to NOK7.2 (NOK6.5).
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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