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

B2Impact (Buy, TP: NOK11.00) - Set for improved funding costs

We forecast Q3 EBITDA of NOK345m, down 12% YOY due to a continued drop in secured collections following several years of limited secured portfolio purchases together with more normalised revenue from JVs and REO sales. Despite falling interest rates and improved cost efficiency, we expect negative PTP due to a sizeable one-off cost related to the early call of a 2026 bond. However, on our expectation of improved funding costs, we have raised our 2025–2026e EPS by 3–4%, and our target price to NO...

B2Impact (Buy, TP: NOK10.70) - Eyeing higher investments

Collections on unsecured portfolios well above the guidance and a NOK167m one-off gain from the sale of the discontinued Polish loan receivables business supported Q2 PTP. As well as aiming for higher YOY dividends, management guided for increased NPL investment appetite beyond 2024, supported by its strong leverage position. We reiterate our BUY and NOK10.7 target price, having raised our 2025–2026e EPS by ~2%.

Solid collection and ready for more NPL's

Better collection and disciplined investments

Over-collection continues: unsecure (111%), secured (155%) & sale; Cash EBITDA of NOK 1,325m beat us and cons by 23-20% (sale); Share up 2-6% today, cons cash EBITDA moderate down (ERC)

B2Impact (Buy, TP: NOK10.70) - Set for investment uptick in H2

We expect a 17% decline YOY in Q2 EBITDA, largely explained by more normalised secured collections and amortisation rates. We see unsecured collections remaining solid, as in recent quarters, and seasonally strong investment volumes QOQ. We expect total portfolio investments to remain measured, and on course to meet the full-year guidance of NOK2.5bn–3.0bn, and have made limited changes to our 2025–2026e EPS. We reiterate our BUY and NOK10.7 target price.

Ready to increase its too low leverage

Over collection expected from increased legal costs. Cash EBITDA down 5% for 2024e-25e on ERC. Ready to invest more and increase its too low leverage. BUY.

B2Impact (Buy, TP: NOK10.70) - Strong collection performance

Q1 PTP increased by 3% YOY, following a long-awaited drop in financial costs, largely on improved funding margins and a lower debt base. Collection performance remained solid, with unsecured collections at 105% of management’s forecast, and a positive revaluation after “sustained overperformance”. The company reiterated its disciplined investment outlook, along with its guidance of lower run-rate financing costs, prompting us to raise our 2025–2026e EPS by 1–2%. We reiterate our BUY and have rai...