Intrum AB (INTRUM-OME) presented a solid Q2 result in July and we think earnings momentum in the second half is strong. Intrum’s position, track record and management all demonstrate quality to us. Valuation has improved significantly from the March bottoms, but we still see upside and initiate coverage with a Buy recommendation and SEK 260 target price. The TP is arrived using a DCF utilizing a 5.5% WACC and equals 10x/9x 2021e/2022e EPS.
