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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.
Bioventix has published its H1 2024 results to end December 2023, delivering a strong set of interims with continued growth in profitability and free cash flow generation. Revenues grew by 13% to £6.7m with the company’s continued healthy operating margins translating into adjusted EBITDA (ex. share-based payments) growth of 12% to £5.3m. In line with management’s policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 68p was declared (+10%), with net cash at period end of
Companies: Bioventix Plc
Cavendish
Companies: FOG PEB KBT EMR TIME GETB JNEO
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: FOG TND BVXP ACC HDD
Companies: BILN IGP RBN SBTX
Companies: Inspired PLC
Liberum
Fintel’s 2023 results confirm the group is trading in line with its February update and reveal details of underlying growth, which is meeting management’s growth and profitability targets (see page 2).
Companies: Fintel PLC
Zeus Capital
The shares retreated 23% in response to an expected dip in full year revenue, but the medium-term outlook remains robust. Client decisions to move a number of planned events pushed back c. £2m of projected revenue into H2/FY25. We believe that the investment case remains attractive. AEO is on track to deliver near record H2 revenue and expects to report at least £19m of sales, £0.4m of PTP for FY24. It has completed the first three quarters of FY24, but typically generates c. 50% of annual sales
Companies: Aeorema Communications plc
Allenby Capital
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
Companies: BEM SML VRS KOD SBSW KMR SRX EST SVML
SP Angel
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
Edison
Gym Group has accompanied confirmation of FY23 profit resilience and continued buoyancy (like-for-like revenue up 12% in the first two months of 2024) with a clear commitment ‘to accelerate, not reinvent the wheel.’ The latter is telling with new senior management endorsing Gym Group’s sweet spot as a low-cost operator in the long-term growth market of health and fitness. Its confidence in material scope for enhanced pricing and member acquisition and retention is complemented by expansion targe
Companies: Gym Group Plc
25th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: JSE RTC GCM GDP ORR AEO I3E
US Solar Fund (USF) is the only North American focussed solar closed-ended investment fund listed on the LSE. USF is a renewables fund which acquires, develops, and operates a portfolio of utility-scale solar power plants that generate electricity, which is sold to high, creditworthy offtakers under long-term power purchase agreements in the US. USF has a diversified portfolio with a total operational capacity of 443MWdc (329MWdc) comprised of 41 solar assets across four states (Utah, North Caro
Companies: US Solar Fund Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
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