reports
- Niclas Gehin
Upscaling
With total funds of >NOK3bn set to be injected into Axactor and its special purpose vehicle (SPV), we believe it will attain higher earnings growth and improved margins, along with significant benefits of scale. We are increasingly confident in our investment case and have raised our capex for 2018e and 2019e to EUR300m for each year (+EUR75m in the SPV). This boosts our EPS from 2019e onwards and thus looks shareholder value-enhancing. We reiterate our BUY recommendation and NOK5 target price a...
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