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Revaluation masks strong underlying performance

Longer-term story intact

Underlying in line, reported hit by one-offs

Strong YTD re-rating, with room for more

Time to collect (dividends)

Up its investment & DPS guidance

Strong collection set to continue

Solid secured and unsecured collection

Over-collection in both unsecured (109%) and secured (~200%); Cash EBITDA of NOK 975m, +2% vs ABG and +1% vs cons; Stock flat to just up; Cons est rev. minor (ERC neg vs collection pos)

Sustainable high dividends and investments

Expect a high 60% total yield until '27e

B2Impact (Buy, TP: NOK12.00) - Supportive distribution outlook

Despite pressure on earnings from one-off costs in Q4, B2 Impact continues to report collection performance comfortably above 100%, while targeting a further ramp-up of NPL investments in 2025. We believe the aim of keeping DPS at NOK1.50 for 2025 supports our investment case, with the stock trading at a 2026e P/ B of ~0.7x. We have made limited EPS revisions for 2025–2026e, reiterating our BUY and NOK12 target price.

Secured miss, but solid dividends

Over-collection in unsecured (110%), under in secured (89%); Cash EBITDA of NOK 933m, -11% vs ABG and -9% vs cons (secured); Stock up 1-4% (inv./DPS), as cons est rev. 0-2% (Inv/fin)

Expect solid dividends going forward

Expect cash EBITDA of NOK 1.04bn; Refinancing leaves room for much higher dividends; High dividends, low leverage, attractive multiples, what's not to like?

B2Impact (Buy, TP: NOK12.00) - Room for considerable payouts

Helped by solid unsecured collection performance and a growing ERC book, we see NPL revenue up 4% YOY, while earnings could receive further support through a continued drop in funding cost YOY. The portfolio acquisition announced in December of ~EUR100m is expected to close in Q1, supporting growth in ERC and collections. For Q4, we expect the board to propose a DPS of NOK1.50. We highlight the limited funding risk and outlook for high shareholder distributions, and have raised our target price ...

Share price +28% last 3M with room for more

B2Impact (Buy, TP: NOK11.00) - Set for Q4 investment ramp-up

Q3 cash EBITDA was down 13% YOY, as reduced secured collections and normalised REO sales offset lower opex and stronger unsecured collections. With an improved capital structure, the company is preparing to step up investments in Q4, reiterating its NOK2.5bn–3.0bn investment guidance for 2024. We have made limited EPS revisions for 2025–2026e, and reiterate our BUY and NOK11 target price.

Soft cash-EBITDA, strong opex beat

Over-collection continues: unsecure (108%), secured (133%) & sale; Cash EBITDA of NOK 1,012m, -3% vs ABG and -7% vs cons; Stock down 2-4% (inv./ERC), as cons est rev. 2-4% (ERC/inv)

Refinancing pays off

Q3: Strong collection, EO DPS & CEO chg