Axactor SE (AXA) published its Q4 report today and soft collections led to negative revaluations. We found the underlying result on the soft side and highlight the need for the efficiency measures already initiated by the company. We have made fairly neutral estimate revisions and still think it will take some time for Axactor to realise its real potential. Hence, we keep our Buy and NOK 11 target price for now - equivalent to 10x 2021e EPS and 0.75x BVPS.
