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 AB: 1 director

A director at Intrum AB bought 26,197 shares at 16.991SEK and the significance rating of the trade was 69/100. 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 sho...

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

Intrum - Attractive yield at a discount

Q2’22e adj. EBIT of SEK 1,656m, up 4% y-o-y We trim our 2022e-2024e EPS by 6-8% Strong valuation support with attractive yield - BUY

Intrum - Expectations raised for Q2’22e

Q1’22 weaker than expected, driven by higher cost Minor estimate revisions, EBIT down 3% for 2022e Reiterate BUY, TP cut to SEK 310 (315)

Intrum - Small miss in seasonally slower Q1

Adj. EBIT of SEK 1,471m, -9% vs. ABG, -6% vs. cons. Higher cost behind earnings miss Expect share to come down a few p.p. today

Intrum - Too cheap to ignore

Q1’22e adj. EBIT of SEK 1,608m, up 5% y-o-y Forecast intact, EBIT CAGR of 8% until 2024e Attractive earnings forecast & supportive valuation - BUY

INTRUM sees an upgrade to Slightly Positive due to a better fundamenta...

The general evaluation of INTRUM (SE), a company active in the Speciality Finance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 18, 2022, the closing price was SEK 25...

Intrum - CMS showed the way in Q4

Strong Q4 report, 27% above consensus expectations EPS estimates raised by 3-4% for 2022-2023 Reiterate BUY, TP up to SEK 315 (295)

Intrum - Transformation program & CMS behind Q4 beat

Adj. EBIT of SEK 2,355m, 29% vs. ABG, 27% vs. cons. Transformation program & CMS shows strength in Q4 Expect share to outperform the market today

Intrum - Strong sequential growth

Q4’21e adj. EBIT of SEK 1,823m, up 19% q-o-q EBIT set to grow with a CAGR of 11% between ’21e-’23e Valuation remains supportive at 8x P/E 2022e - BUY

Intrum - CMS segment looking better for ’22e-’23e

Solid Q3 report, with seasonality more visible again EBIT estimates down by ~1-2% for 2022e-2023e Attractive valuation & earnings scenario, reiterate BUY

Intrum - Normalisation is gradually occurring

Adj. EBIT of SEK 1,533 m, -3% vs. ABG, +3% vs. cons. Today’s report does not change the sentiment Expect share to perform in-line with market today