Axactor SE (AXA) published its Q3 report this morning and we found the numbers on the bright side. No additional revaluations within NPL and a EUR 5m reversal within REO’s underline that the markets are normalising and the outlook is more stable. However, AXA received a waiver for the NIBD/Cash EBITDA covenant also in Q3 and deleveraging is key in our view now. We have made fairly neutral estimate revisions and hence we keep our Buy and NOK 9 TP.
28 Oct 2020
Supportive Q3 report, deleveraging key now
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Supportive Q3 report, deleveraging key now
Axactor ASA (ACR:OSL) | 0 0 0.0%
- Published:
28 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
14
Axactor SE (AXA) published its Q3 report this morning and we found the numbers on the bright side. No additional revaluations within NPL and a EUR 5m reversal within REO’s underline that the markets are normalising and the outlook is more stable. However, AXA received a waiver for the NIBD/Cash EBITDA covenant also in Q3 and deleveraging is key in our view now. We have made fairly neutral estimate revisions and hence we keep our Buy and NOK 9 TP.