The debt collectors have been in disfavour lately and the Norwegians (AXA and B2H) are cheap on any multiple. We find consolidation at the national level in Norway likely following the new debt collection law and we also see a further consolidation at the European level likely within 12-24 months. This adds a potential upside in our view. We upgrade AXA to Buy and increase our TP to NOK 21 (20), whilst we increase our TP for B2H to NOK 13 (12).
