Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Engineering Group, PeopleCert, The Very Group, McLaren, Versuni (formerly Philips Domestic Appliances), Eircom, Tele Columbus, Arrow Global, Forgital, Grunenthal, Standard Profil, Ithaca Energy, Cerba, Clarios, NewDay, Alain Afflelou, Intrum, Flos B&B Italia (formerly International Design Group)

Intrum AB: 1 director

A director at Intrum AB bought 500,000 shares at 28.000SEK and the significance rating of the trade was 80/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: TAP, Aggreko, Paprec Group, Iliad, Lecta, EVOCA, Intrum, Flos B&B Italia (formerly International Design Group), Azelis, Cerba, TUI Cruises

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Almaviva, Infopro Digital, TalkTalk, Intrum, Victoria, Vallourec, Kantar, Borr Drilling

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Ineos, Ineos Quattro, Gestamp, Intrum, Arrow Global

Uncertainty remains with unappealing valuation

Q3'24 on the soft side

Doubt remains in a seasonally weaker quarter

Servicing to continue to improve in H2'24

Leverage improvement and servicing stood out in Q2. We increase EBIT by 5-6% for 2025-26e. Reiterate HOLD, TP up to SEK 40 (33).

Improved leverage ratio to drive share today

Restructuring seems better than we feared

Adj. EBIT up in Q2e given Servicing, leverage ratio up 0.2x q-o-q. We increase our EBIT estimates by 1-8% for 2025-26e. Restructuring likely better than we feared, upgrade to HOLD (Sell).

A soft start to the year

No incremental news on restructuring and soft Q1 numbers. EBIT estimates intact for 2025e-26e. Unattractive risk/reward, SELL reiterated.

Soft adj. numbers in Q1 vs. expectations

Intrum - Acquisition candidate at a low valuation

Adj. numbers better in Q3, leverage ratio worse Cutting portfolio investments by 33% for 2023e Acquisition candidate, attractive yield with low valuation

Intrum - Adj. numbers better in Q3, leverage ratio worse

Adj. EBIT of SEK 1,564m, 11% vs. ABGSC, 6% vs. cons. Leverage ratio disappointed as it was flat q-o-q at 4.0x Expect a small positive share reaction today

Intrum - Valuation too attractive – BUY

Q3’22e adj. EBIT of SEK 1,407m, down 8% y-o-y EPS cut by 11-15% for 2023e-2024e Acquisition candidate with attractive yield: BUY

Intrum - PW due to write down of portfolios

Announces a PW ahead of Q3’22e Neg. revaluations of SEK 2.9-3.3bn given lower collections Majority is due to collections from 2025 onwards

Intrum - Another one bites the dust

CEO Anders Engdahl out with immediate effect… …replaced by Andrés Rubio as acting CEO Share down a few percentage points today

Intrum - Little credit for strong cash earnings in Q2

Strong cash earnings development in Q2 EBIT estimates cut by 1-2% for 2022-23 Reiterate BUY with target price of SEK 270

Intrum - Strong revenue growth but leverage ratio up

Adj. EBIT of SEK 1,701m, 3% vs. ABGSC, 1% vs. cons. Leverage ratio increased to 4.0x in Q2 Expect small neg. share reaction due to raised leverage