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Intrum AB (INTRUM) had pre-announced the headlines, but released its full Q3 report on Oct 23rd. We have made marginal estimate revisions lowering 2020e EPS 2% and increasing 2021e/2022e EPS 1%. Intrum is trading just below 9x 2021e EPS and we expect solid EPS growth towards SEK 30 in 2022. The dividend yield is also attractive at 4%/5.5% for 2020/2021. Furthermore, unlike the banks Intrum is not dependent on the regulators’ goodwill.
Companies: Intrum AB
Arctic Securities
Q3/20 EPS came in at SEK 6.97, 6% below our estimate… …mainly due to higher financial expenses No booked revaluations in Q3 and ROI of 12% Strong Cash EBITDA of SEK 3142m and leverage ratio of 4.2x
Intrum announced today their CEO Mikael Ericson is to step down with immediate effect and the current CFO Anders Engdahl is to take over. In addition, they pre-announced a set of very solid Q3 figures and more importantly trends for higher revenue growth and profitability. We have increased our 2020e/2021e/2022e EPS 30%/6%/4% and lift our target price to SEK 275 (260). We continue to have Intrum as our top pick amongst the debt collectors.
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.
Nova Austral: Announces joint venture with Trusal Seadrill: Sapura Diamante is working at the Pargo field Intrum: Q4 beat and write-down in Spain/Latin America Aker Solutions: -13% vs cons. EBITDA for Q4, focus on outlook SSM initiates written procedure to amend bond terms Qliro Group to finalise group split-up in Q1/20 Qliro Group reports Q4, provides 2020 outlook Serneke reports Q4 with strong order intake Diana Shipping: Stock Tender results
Companies: DSZ 1AKA IJU 0O6Z 0RKE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Intrum AB. We currently have 0 research reports from 3 professional analysts.
IP Group’s NAV declined by 13% in total return (TR) terms in FY23, affected by continued soft valuations across venture capital (VC) markets, as well as funding delays at some of its holdings. That said, management indicated that many of IP Group’s portfolio companies continued to make strong progress. Its maturing portfolio offers a number of potential NAV triggers and is now available at a wide 59% discount to NAV. We note that, as at end-2023, only 14% of IP Group’s portfolio was valued based
Companies: IP Group plc
Edison
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: System1 Group PLC
Canaccord Genuity
Companies: Deltic Energy Plc
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
Companies: IP BILN SAR GATC ASTO PHE SHOE CCS IP CUSN
Hybridan
Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower
Companies: Braemar PLC
Trinity Delta view: The proprietary pre|CISION platform is key to Avacta’s investment case, hence updated data that continue to support key hypotheses for AVA6000 are reassuring. Future efficacy data from studies planned to start in H224 will be key, and could also help to more broadly validate pre|CISION. The recent £31.1m fundraise (March 2024 Lighthouse), which provides a cash runway of c 24 months ie into early 2026, will be used to advance the therapeutics pipeline, in particular AVA6000, a
Companies: Avacta Group PLC
Trinity Delta
hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in
Companies: hVIVO plc
Cavendish
In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.
Companies: ATS MRCH SCP SHRS LWDB JUGI MINI
Capital Access Group
Companies: SCE HVO VLG
As pre-announced, Avacta has presented the results of the 3-weekly P1 Arm 1 study of its AVA6000 lead clinical asset, based on the pre|CISION™ drug development platform at the American Association for Cancer Research's annual general meeting. The update does not cover progress on the ongoing 2-weekly dosing study which is underway, and Avacta confirmed current guidance on timing including being on track to begin the dose expansion study in 2H24. There are compelling updates on the progress repor
We reveal the winners of our investment trust ratings for 2024... Our ratings seek to reward closed-ended funds which deliver attractive and persistent performance characteristics in three categories which we think match up to broad goals investors usually have: long-term growth, income and growth, and high current income. This includes strong performance versus a fund’s underlying market, as well as attractive risk characteristics which we think suggests they could continue to be premium optio
Companies: DIG JCGI SCP MUT SOI JEMI MRC AIE JGGI CCJI
Kepler | Trust Intelligence
Deltic Energy plc (DELT.L) has announced some positive news concerning its 50% interest in the Selene joint-venture with Shell UK Ltd. The announcement concerns a farm-out to Dana Petroleum Ltd of a 25% interest in Licence P2437 which contains the Selene prospect. The farm-out calls for Deltic retaining a highly meaningful 25% interest in one of the most interesting prospects in terms of risk profile and scale in the Southern North Sea (SNS) Basin while largely eliminating exposure to the cost o
Allenby Capital
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