olivLaw · European equity research
Axactor ASA ACR.OL
Norway · Euronext Oslo Børs · ISIN NO0010840515 · Vertical: Listed companies from Norway
Axactor ASA is a Norwegian company listed on Oslo Børs that acquires debt portfolios and manages debt recovery across several European countries. Its 2025 annual report shows a debt-heavy capital structure, which makes access to funding and compliance with covenants central to assessing the company.
At the close of 04 Nov 2026, Axactor ASA (ACR.OL) stock was 4.26 NOK (+2.04% on the day), with beta 0.60, 52-week range 3.96–8.58 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 3.98 – 4.49
- in the upper half of the band · %B 0.55 · band width 12.0%
- SMA 50 / 200
- 4.60 / 5.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.1% | +0.4% | +4.7 pp | — |
| 3 months | −13.1% | −3.3% | −9.9 pp | — |
| 6 months | −18.2% | +4.0% | −22.2 pp | — |
| Year to date | −45.2% | +8.1% | −53.3 pp | — |
| 1 year | −40.2% | +10.7% | −50.9 pp | −5.5% |
| 3 years | −18.9% | +50.1% | −68.9 pp | +15.7% |
| 5 years | −47.7% | +43.6% | −91.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 30.8 m | -79.5 m | 36.0 m |
| Net income YoY | unavailable | −358.0% | unavailable |
| Diluted EPS | 0.10 | -0.26 | 0.12 |
| Diluted EPS YoY | unavailable | −357.8% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 35.6 m EUR
- Financial debt
- 772.1 m EUR
- Net debt
- 736.5 m EUR
- Equity
- 367.8 m EUR
- Total assets
- 1.3 bn EUR
- Debt / equity
- 2.10x
- Current ratio
- 0.82x
- ROE
- 10.3%
- ROA
- 2.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 122.8 m | -2.3 m | 125.2 m | esef· 21 Oct 2026verified |
| Interest expense | 84.8 m | 91.2 m | 81.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | — | -85.1 m | 47.4 m | esef· 21 Oct 2026verified |
| Income tax | 7.9 m | -6.0 m | 11.4 m | esef· 21 Oct 2026verified |
| Net income | 30.8 m | -79.5 m | 36.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.10 | -0.26 | 0.12 | esef· 21 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 31.8 m | 33.0 m | 35.6 m | esef· 21 Oct 2026verified |
| Current assets | 70.9 m | 83.9 m | 84.4 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 2.0 m | 1.8 m | 2.3 m | esef· 21 Oct 2026verified |
| Goodwill | 59.8 m | 58.9 m | 58.9 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 15.1 m | 12.0 m | 10.0 m | esef· 21 Oct 2026verified |
| Total assets | 1.4 bn | 1.3 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Long-term debt | 939.1 m | 884.7 m | 772.1 m | esef· 21 Oct 2026verified |
| Current liabilities | 50.9 m | 35.8 m | 102.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.0 bn | 934.0 m | 884.6 m | esef· 21 Oct 2026verified |
| Equity | 423.5 m | 331.7 m | 367.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 302.3 m | 302.4 m | 302.8 m | esef· 21 Oct 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.12 – 3.77 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.12 – 3.77 (Mid 2.37)19 companies used · median multiple 19.9x · quartiles 9.4x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.3% | 43 (vs peers) | 50% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 1 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet1/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial43/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AXACTOR ASA (ACR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.3%.
The estimated value range is 1.12–3.77 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 1.5x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for ACR.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Axactor ASA is a Norwegian company listed on Oslo Børs that acquires debt portfolios and manages debt recovery across several European countries. Its 2025 annual report shows a debt-heavy capital structure, which makes access to funding and compliance with covenants central to assessing the company.
SWOT
Strengths
- Experience in acquiring and administering receivables portfolios, combined with an IT infrastructure oriented toward automation, supports operational efficiency.
- Relationships with bank and financial-sector clients provide a business flow in which the company can apply its recovery expertise.
- A defined dividend policy and distribution targets for shareholders point to formalised financial discipline.
Weaknesses
- The capital structure carries a high proportion of debt, making the company sensitive to funding conditions and covenant compliance.
- Performance depends on the efficiency of operational processes, and weaknesses in applying them can reduce collections from portfolios.
- Reliance on third-party IT outsourcing providers can create continuity and information-security risks.
Opportunities
- If the receivables market expands, the company could acquire new portfolios at attractive returns.
- Automation and data analysis could lift margins if extended to more processes and markets.
- Banks that outsource recoveries could become new clients, particularly if the responsible product offering is well received.
Threats
- Stricter regulation and higher fines could directly affect revenue and limit collection options.
- Cyber and phishing attacks could carry financial and reputational consequences if not controlled.
- Competition for portfolios could raise purchase prices and reduce investment returns.
Risks
- Funding riskhigh
If new credit cannot be obtained or existing facilities are not refinanced before maturity, the group could struggle to meet its debt obligations and continue growing.
- Financial covenantshigh
A significant drop in financial or operational performance could breach covenants on the credit facilities, with consequences for access to funding.
- Operational performancemedium
Weaknesses in processes or a shortage of skilled staff could reduce collections on owned portfolios and weigh on results.
- Regulatory riskmedium
Failure to comply with regulations in the jurisdictions where the group operates could lead to severe fines or loss of the licences needed to operate.
- IT and security riskmedium
Dependence on external providers and a rise in cyber attacks could cause service interruptions or data losses with severe consequences.
Investment thesis
What would need to be true (bull case)
- If Axactor sustains collections from its portfolios and improves efficiency through automation, margins could remain solid even under a stricter regulatory environment.
- The shareholder distribution policy, defined as a share of profit after tax, could support investor returns if profitability holds.
- Bank relationships and experience in administering portfolios could open growth opportunities if the receivables market expands.
What would break the thesis
- A high level of indebtedness leaves the company vulnerable to higher funding costs or refinancing difficulties, which could limit portfolio investment.
- Consumer-protective regulation could compress collection fees and reduce net collections from portfolios.
- If cyber attacks or IT provider disruptions affected operations, the costs and loss of confidence could be significant.
What to watch
- Evolution of the revolving credit facility and bond loans, including scheduled refinancings2026
- Collections from owned portfolios and the efficiency of operational processesQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Under its articles of association, Axactor conducts, directly or through subsidiaries, debt collection, financial and administrative services, legal services, invoicing services, debt acquisition and other investment activities. The company states its aim as profitable organic and sustainable growth, focused on clients in the bank and finance sector.
The strategy includes investing in accretive portfolios with attractive gross IRR to drive margin expansion, alongside a strong cost culture built on cloud-based unified IT infrastructure and optimized processes. The company also aims for fair debt collection practices that let hard-working companies get paid and debtors solve their financial commitments.
Group funding rests on two main sources of credit: a revolving credit facility (RCF) and bond loans. Management aims to refinance credit lines well ahead of maturity, and operational and financial performance is continuously monitored, with covenant headroom treated as an important part of business decisions.
Segments
Debt portfolio acquisition
This activity involves buying receivables at a discount and recovering them, with results depending on actual collection relative to the price paid. The annual report flags that weaknesses in operational processes can lower collections on the company's own portfolios.
Collection services for third parties
The company provides debt recovery and administration services for banks and financial institutions, with emphasis on responsible product offerings and long-term relationships with bank clients.
Market context
Axactor operates in European markets for receivables and collection, where bank lending and the volume of non-performing debt shape the supply of portfolios. The annual report notes that regulatory scrutiny is rising and that debt collection legislation is becoming more consumer-friendly in the countries where the group operates.
Demand for recovery services depends on the economic cycle and banks' credit policies, while financing conditions in capital markets can affect the cost and availability of credit used to acquire portfolios.
Trends
- Stricter collection regulationheadwind
Authorities are issuing more fines and imposing more consumer-protective rules, which could reduce collection fees and lead to more lenient debt forgiveness arrangements. If these trends intensify, recovery margins could come under pressure.
- Digitalisation and automationtailwind
Investments in technology and process automation could raise operational efficiency and support collection performance if implemented successfully.
- Funding conditionsmixed
Access to new credit and refinancing of existing facilities are essential to group growth. If funding becomes more expensive or restrictive, the capacity to acquire portfolios could be limited.
- Cyber threatsheadwind
A rise in attempted cyber and phishing attacks challenges a company that handles sensitive debtor data and depends on third-party IT outsourcing providers.
Competitive position
The market for acquiring receivables and collection is competitive, with specialised players and banks that handle recoveries in-house. Competition for portfolios can influence purchase prices and expected returns.
Axactor's competitive edge could stem from optimized processes, the data used to value portfolios and relationships with banks, although these depend on execution and on sustaining operational performance.
- Intrum AB
Major European provider of receivables recovery services, active in similar markets across Europe.
- Lowell Group
Administrator and buyer of receivables portfolios in Europe, operating in areas close to Axactor's.
- B2Holding AB
Nordic recovery and receivables purchasing company competing for portfolios and financial-sector clients.
- encore Capital GroupPRSP
International receivables management and acquisition group with presence in several European markets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Axactor ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.