Axactor (Hold, TP: NOK7.80) - Increased activity and guidance
Axactor reported Q2 pre-tax profit of EUR14.7m after another quarter of solid collection performance and uptick in 3PC fees. Together with lower amortisation, EBITDA from the continuing business was EUR30m, up 20% YOY. With EUR223m in committed investment volumes YTD, management raised its 2022 investment guidance from EUR200m–250m to EUR250m–300m. The activity level during Q3 has been good so far and points towards a long-awaited recovery for portfolio investment markets. We have raised our 2023–2024e EPS by c5% and our target price to EUR7.80 (7.20). 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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