B2 Impact reports Q1 on 15 May and we expect cash EBITDA of NOK 1,007m, +11% y-o-y. We incorporate the recently issued bond, which is expected to be utilised in full to reduce the RCF outstanding. Coupled with applying the most recent EURIBOR curve, PBT estimates are -2%. And with a slightly higher cost-to-collect for 2025e, PBT estimates are -2-4% through the forecast period. With a DPS of NOK 1.5 expected to be maintained in 2025, the current share price implies a dividend yield of 15%. We kee ....
