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Axactor (ACR)

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AXACTOR AB: AXACTOR Q4 2017 - THE GROWTH OF AXACTOR CONTINUES

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          Highlights from the fourth quarter of 2017:
  • Significant entry into the Spanish REO (Real Estate Owned) market,
    taking control of REOs valued at EUR 147 million in two transactions
    in partnership with Geveran.

  • EUR 20 million deployed in NPL-portfolios in Italy, which represent
    Axactors largest quarterly portfolio investment in Italy.

  • Concluded the refinancing of current facility with DNB and Nordea
    which increased the facility by nearly EUR 200 million to EUR 350
    million, including EUR 150 million in accordion options.

  • Gross Revenue of EUR 34.5 million (18.5)

  • EBITDA of EUR 5.6 million (-1.2)

  • Cash EBITDA at EUR 13.5 million (0.3)

  • CAPEX deployment of EUR 234 million for the quarter

Axactor continues to grow the business and the financial results, in
line with the stated ambitions. In the fourth quarter of 2017,
Axactor achieved an EBITDA of EUR 5.6 million and Cash EBITDA of EUR
13.5 million. Gross revenue for the quarter ended record high at EUR
34.5 million, which is 87 % above the corresponding number for the
same period in 2016, and represent a growth of 46 % compared to the
third quarter of 2017.

During the quarter, Axactor made record high portfolio investments of
EUR 234 million, bringing the total portfolio investments in 2017 to
EUR 362 million. Axactor is already seeing results from the major
portfolio purchases made in the second half of 2017.

The most important event in the fourth quarter was Axactors entry in
to the Spanish Real Estate Owned (REOs) segment, where EUR 147
million was invested in two transactions which also represents the
first transactions in the partnership with Geveran Trading Co. The
largest of the two transactions gave Axactor control of 75 % in two
property companies owned by a large Spanish bank. In total, these two
companies own more than 4.000 properties in Spain. The above amount
includes the sellers 25% ownership of the SPVs.The REO investments
already gives a positive contribution to Axactors financial results,
and Axactor will continue to look for attractive investment
opportunities in the REO segment, together with Geveran.

As promised in the third quarter report, Axactor continued to pursue
unsecured and secured NPL portfolios in the fourth quarter of 2017.
In total, Axactor deployed more than EUR 100 million all five
countries where the company is present. EUR 20 million of this was
invested in NPLs in Italy - which represent Axactors largest
portfolio investment in Italy to date.

Rapid growth requires sound financial capacity. In the fourth quarter,
Axactor concluded the refinancing process of the current RCF
(Revolving Credit Facility) with DNB Bank og Nordea, bringing the
size of the facility to EUR 350 million, of which EUR 15o million is
in the form of accordion options. In addition to this facility comes
the EUR 80+40 loan million facility the company has available in the
co-investment vehicle between Axactor and Geveran Trading Co.

Axactor is in a strong financial position, which opens up for higher
gearing and more operational flexibility going forward.

In Axactor we are very ambitious and we have promised our shareholders
significant growth from the start in 2015. The fourth quarter numbers
show our ability to deliver in line with our high ambitions, carrying
out several large transactions in a short period of time and thereby
maintain a high rate of growth. After refinancing our RCF in
December, we have an even stronger financial position which will
ensure that we will continue to make portfolio investments and
continue the growth story of Axactor, says CEO Endre Rangnes.

The REO market in Spain is remaining buoyant, particularly in Spain,
where Axactor will continue to look for attractive investment
opportunities together with partner Geveran Trading Co. Axactor has
initiated discussions with several global banks with the purpose of
increasing the investment capacity in this segment. The banks have
experience and appetite for financing such transactions due to the
portfolios high cash flow generation and short payback time.

The market for purchase of NPL portfolios also remains strong. Axactor
see interesting opportunities in Spain, Italy and in the Nordics. The
competition for NPLs remains robust and some of the price pressure we
experienced in the fourth quarter of 2017 seems to continue in the
first quarter of 2018.

For additional information, please contact:

Endre Rangnes, CEO Axactor

Mobile phone: +47 4822 1111

Email: [email protected]

or

Geir Johansen, CFO & Investor Relations, Axactor

Mobile phone: +47 4771 0451

Email: [email protected]

www.axactor.com

About Axactor

Axactor Group specializes in both Debt Collection and Debt

Purchasing across several countries, with operations in Italy,Germany,
Norway, Sweden and Spain. The company has a Nordic base and an
ambitious Pan-European growth strategy, which targets the market for
non-performing loans (NPL) in Europe. This market is estimated to be
about 1,500 billion euros across Europe providing significant
opportunities for Axactors future expansion. Axactor has
approximately 900 employees.



3 Likes

Høyere omsetning og noe lavere resultat en konsensus ser det ut til.

Fokus på teknisk konsolidering, digitalisering og moderne innkrevningsprosesser bør legge grunnen for økning i margin fremover.

Prøver å sammenligne litt med B2H … Estimated Remaining Colletctions (ERC) B2H er 12 mia vs 6,8 mia AXA , nesten direkte oversettbart til market cap 7,5 mia vs 4,15 mia.

Så da der det vel bare å fortsette å kjøpe porteføljer.

Synes dette ikke ser så verst ut jeg. RT 2,734

Skjønner ikke at folk dumper. Den rapporten var ikke gærn i mine øyne

Ikke jeg heller, alle porteføljene som ble kjøpt før jul får vi jo ikke effekt av før utover i Q1.
I tillegg har det være stille fra Endre lenge nå, så skulle ikke overaske meg om vi fikk ett kjøp eller to snart.
Da er vi oppe å snuser på 3 kr igjen.

Ja og cashflowen var fin. Skumleste raskt men så ut som at de er nære å gå breakeven. Og da er det ikke mange veien før de sorte tallene kommer. Hadde faktisk ikke forventet det før mot slutten av året, så er glad jeg kjøpte nå

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Short aktører som herjer?

Syns denne var fin fra Øystein Tvenge angående Axactor:

– Det har gått opp og ned flere ganger, men jeg tror selskapet gjør det bra, så jeg er ikke så opptatt av kurssvingningene fra en uke til en annen fordi markedet får en reaksjon. Det viktige er at selskapet leverer, og det håper og tror jeg de kommer til å gjøre. Da vil det formodentlig gi seg utslag i god kursutvikling. At det akkurat nå er litt skadelidende, kan jeg leve med, jeg skal ikke selge nå likevel, sier Tvenge.

Trader vs investor mentalitet.

1 Like

Positivt, jevn strøm av krav kontra gigantiske bolker.

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Axactor has acquired a portfolio with a total outstanding balance of EUR 133 million from “Santander Consumer Finance”, one of the largest financial institution in Spain. The portfolio consists of more than 15 000 cases coming from non-performing loans on auto market.

http://www.newsweb.no/newsweb/search.do?messageId=445028

4 Likes

DNB har økt med ca 1,6 mill aksjer forrige uke.

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På watchlist. Begynner å bli “billig”

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Short økt med 2 mill.
GSA CAPITAL PARTNERS LLP 12 350 091 0,81% 26.02.201

Liker ikke denne seigpinende slake nedoverbakken.

Fine greier. Billige aksjer.

Hehe, er long selv, men begynner å ha ventet leenge på 3+ :confused:

Og det er andre aksjer som er på enda mer billigsalg pt, decisions, decisions :wink:

Enig med deg her, men tror ikke jeg evt selger noe før jeg ser shorten reduseres. Vært en ganske grei sammenheng mellom kurs og shortbevegelser

Shorten såvidt økt denne uken.
https://ssr.finanstilsynet.no/Home/Details/SE0005569100

Vil det være en ny mulighet for 2,4-2,5 før short reduseres igjen? Har prøvd å plotte inn noen av GSA sine shortposisjoner, litt rotete oversikt

3 Likes