Intrum AB (INTRUM-OME) published Q4 Thursday last week and we liked the report. We believe progress within strategic markets outweighs temporary lower volumes in CMS, and that pricing discipline weighs more than the size of portfolio investments. We also like the deleveraging materializing. We have increased 2021e/2022e EPS 1%/7%. Intrum is trading below 9x our 2021e EPS, low even for a financial, and div yield attractive at 2020/2021e 5.1%/5.5%.
