Finans

Capitan01
08.02.2018 kl 09:10 12284

AXACTOR
A quarter of high NPL investment
We forecast Q4 net profit of EUR2.1 (up from EUR0.3 in
Q3), driven by continued growth in gross collections and
seasonality while the underlying cost base is largely
stable (results due at 07:00 CET on 13 February). We
expect portfolio acquisitions to total EUR195m given the
announced acquisitions in Q4. We expect earnings to
pick over the course of 2018 as collections on REOs
portfolios start and Axactor achieves economies of scale
from its ramp-up of operations. We have trimmed our
2018–2020 estimates by ~2% and reiterate our BUY
recommendation and NOK5 target price.

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