Intrum achieved another beat on margins, with adj. EBIT +17% vs cons, driven by cost discipline and a strong SEK 175m JV boost. Servicing margins hit 25%, now tracking ahead of plan in 17/20 markets. But Investing continues to shrink, capex was just SEK 140m, and while ROI improved to 13%, the sub-replacement investment rate continues to weigh on long-term earnings power. With leverage up to 4.8x and minimal reinvestment, we see little room to both grow and delever. Our SOTP indicated TP is incr ....
