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B2Holding AS nytt "Aktiv Kapital" selskap
Provence
09.09.2015 14:04
#8851

Endre
Pareto starter dekning av B2Holding AS i dag.

Selskapet er notert på OTC listen men skal introduserer på hovedlisten i 1H-2016 slik planen er.

Buy B2 b4 it's 2 l8

B2Holding (BTOH) is currently leveraging both its organisation and balance sheet and is set to capitalise on the strong market dynamics in Eastern Europe. With its planned listing on Oslo Stock Exchange in H1'16, we expect more attention on the attractive valuation and growth prospects. We initiate coverage of BTOH with a Buy recommendation and at target price of NOK 17.50.
Attractive opportunities in the Debt Purchasing industry

Following the financial crises, the level of non-performing loans to lending with banks in Europe increased more than 6x to a level of 8.3% in 2014, from 1.3% in 2006. BTOH is set to capitalize on this development with an experienced management, good access to capital markets and with a significant claims collection organisation. The competition has increased over the last couple of years, but the pricing of portfolios remain attractive in Eastern parts of Europe. Management targets to consolidate portfolios in these markets to potentially take part in a larger consolidation in a few years.
Fast growth on the back of a proven track record

Management's experience and track record from Aktiv Kapital and Gothia Finance has allowed them to raise significant equity and acquire both significant portfolios and organisation since its foundation. Now the focus is on leveraging both the balance sheet and the setup. We expect the portfolio of outstanding claims in terms of Estimated Remaining Collections (ERC) to increase from NOK 4.6bn at present to NOK 8.5bn in 2017e, and the EPS to increase to NOK 0.55 in 2015e, NOK 1.06 in 2016e and NOK 1.47 in 2017e.
Planning for OSE listing in 2016 - Buy, TP NOK 17.50

We initiate coverage of BTOH with a Buy recommendation and a target price of NOK 17.50, with 60% upside from the current trading price. Our target price corresponds to 12x EV/EBIT'17e, below the closest peer (KRU PW) at 13x. On our TP, BTOH would also trade at 12x P/E'17e, and 2.3x P/B'17e with 22% ROE. The company aims for a listing at Oslo Stock Exchange in 2016, which could be a trigger for the share, in our view.
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Kjøpte noen aksjer i dag, kan en bra investering dette ...

Endret 09.09.2015 14:04 av Provence
Provence
30.10.2015 13:05
#8901

Endre
Positive outlook on portfolio purchases

B2Holding (BTOH) just reported its Q3'15 numbers, with an EBIT 39% above our estimate, as higher than expected cash collections more than offset higher costs. The company purchased portfolios for NOK 403m in the quarter, in line with our estimate. So far in Q4'15, the company has acquired portfolios in line with our estimate for the full quarter, and we thus expect to increase our estimated portfolio purchases and ERC going forward. We have a Buy recommendation and target price of NOK 17.50 for BTOH.
Highlights:

· Interest income on purchased loan portfolios amounted to NOK 239m in the quarter, 18% higher than our estimate of 353m, driven by higher than estimated cash collections.

· Revenue from external collection amounted to NOK 23m, slightly higher than our estimate of NOK 20m. Other operating revenues totalled NOK 16m, ahead of our estimate of NOK 10m.

· In sum, total operating revenues totalled NOK 278m, higher than our estimate of NOK 232m, mainly due to higher cash collections. The total cash revenue (adjusted for portfolio amortisation) amounted to NOK 392m, above our estimate of NOK 349m.

· Personnel expenses amounted to NOK 72m, higher than our estimate of NOK 56m. Of this, NOK 5m was related to financial options given to 4 employees. Other expenses were mainly in line with our expectations.

· The operating profit (EBIT) came in at NOK 112m, 39% higher than our estimate, mainly driven by higher than expected cash collections.

· Net financial items totalled pos. NOK 17m, compared to our estimate of neg. NOK 18m.

· The net profit amounted to NOK 119m, well above our estimate of NOK 53m.

· B2Holding purchased portfolios for NOK 403m in Q3'15, in line with our estimate. So far in Q4'15, the company has purchased portfolios in line with our estimate for the full quarter (NOK 400m), and we thus expect to increase our estimated portfolio purchases going forward. In connection with the report, management commented that more secured portfolios, e.g. SME lending, will support growth going forward.

· Estimated Remaining Collections (ERC) stood at NOK 5,316m at the end of Q3'15, higher than our estimate of NOK 5,161m. Of this deviation, NOK 100m relates to FX effects. In connection with the reporting, the company commented that the tails for the portfolios in Poland appear to be longer than previously expected and that this may increase estimates going forward.

· Management guides on an EBIT of NOK 101m in Q4'15, 9% higher than our estimate, as higher income more than offset higher costs on our estimates. The company also commented that the interest rate on new bank financing is expected to be around 1 percentage points lower than currently.

· Management expects a listing of the company in Q2'16.
Provence
10.12.2015 17:55
#8921

Endre
Fra Pareto Sec. 1. desember:

Higher portfolio growth expected

With higher than expected cash collections year-to-date and both new bank and bond financing in place, B2Holding (BTOH) is set for significant portfolio growth going forward. We increase our profit estimates by 18% for 2016 and 6% for 2017 and our gross ERC estimate to NOK 28 per share for 2017. We maintain our Buy recommendation and TP of NOK 17.50 for BTOH.
Higher loan portfolio lifts earnings estimates

B2Holding delivered a strong Q3'15 report, as higher than expected cash collections more than offset somewhat higher costs. With already NOK 400m of portfolio acquisitions QTD announced in connection with the Q3 reporting, we increase our portfolio acquisition estimate to NOK 650m (400m) for Q4'15. Due to a higher loan portfolio, we increase our operating profit estimates by 10-21% for 2015-17e. Even though this is somewhat offset by higher interest expenses on the company's new bond debt, we increase our net profit estimates by 18% for 2016 and 6% for 2017.
Refinancing and new bond supports growth capacity

After refinancing the bank debt earlier this month, the company recently completed a new EUR 150m senior unsecured bond issue (at EURIBOR + 750bps). In combination, these transactions should lift the company's investment capacity by EUR 250m (NOK 2.3bn) compared to that of the end of Q3'15, supporting further growth.
Strong momentum ahead of Q2'16 listing - Buy reiterated

We maintain our Buy recommendation and target price of NOK 17.50 for BTOH. The company should increase its earnings significantly from NOK 1.00 for 2015e to NOK 1.59 for 2017e. The company currently trades at 0.92x EV/ERC, and EV/EBIT'17e of 8.1x, below its closest peer in terms of geographical exposure, Kruk (KRU), at 12.5x.
Provence
04.05.2016 12:28
#9169

Endre
Gjeldsinnkrevingselskaper er i vinden for tiden.

Dette er rapport og vurdering fra Pareto 29 februar, Q1 resultater 9. mai (listing på hovedlisten burde være i emning nå)

B2Holding (BTOH) presented its Q4'15 results this morning. The company delivered a quarterly cash EBITDA of NOK 241m (NOK 243m est.), as higher cash collections offset higher operating expenses. Adjusted for NOK 38m of one-off costs, the cash EBITDA was NOK 36m ahead of our estimate. During Q4'15, BTOH purchased NOK 672m of new portfolios, just above our estimate of NOK 650m. In connection with the presentation, management commented that the acquisition activity so far in 2016 has been very strong and that it recently made a commercial agreement for the procurement of a new organisation. Generally in line with previous communication, the company targets a listing on Oslo Børs within the end of April 2016. On the back of the strong cash collections, we consider the report to be on the on the positive side. We expect to make slightly positive estimate revisions, but maintain our TP of NOK 17.50 and Buy recommendation.
aron
31.05.2016 18:03
#935

Endre
Jeg tegnet meg i videresalget via VPS (for å slippe kurtasje), men nå er denne tegningen "forsvunnet". Det kom melding, på NewsWeb; om at tilbudet var overtegnet.
Men burde det ikke komme en e-post om at tegningen er strøket?

Da kjøper jeg heller via Netfonds.

Aron
OldNick
06.06.2016 15:53
#18132

Endre
Ny oppdatering på aksje-salget B2Holding i dag.

BTOH.OTC: B2Holding IPO - Narrowing of the indicative price range

Børsmelding
06.06.2016

Oslo - Reference is made to the stock exchange announcements dated 24 and 30 May 2016 regarding the launch of the initial public offering (the "Offering") of shares of B2Holding ASA ("B2Holding", the "Company", OSE ticker code: "B2H") and status of the bookbuilding.

The Company has decided to narrow the indicative price range to NOK 11.50 to NOK 12.00 per share. The Offering is well covered throughout the revised price range for the maximum potential deal size including over-allotments.

The Offering will close 12:00 CET Tuesday 7 June 2016.

ABG Sundal Collier ASA and Arctic Securities AS are acting as Joint Global Coordinators and Joint Bookrunners in the IPO, and Nordea Markets a part of Nordea Bank Norge ASA, is acting as Joint Bookrunner.

Investor relations and media contacts:
Olav Dalen Zahl, Chief Executive Officer, B2Holding ASA, +47 9098 6386
Harald Henriksen, Chief Financial Officer, B2Holding ASA, +47 9139 2873
Erik Just Johnsen, Chief Group Controller, B2Holding ASA, +47 4157 7055

About B2Holding ASA

B2Holding is a leading European financial services provider which has specialized in the investment and workout of non-performing loans primarily from the banking sector as well as providing third party debt collection solutions on behalf of clients. In addition we draw upon our expertise in handling large amounts of customer data and offer credit information. The B2Holding strategy involves identifying the right portfolio investments, developing strong operational platforms and acquiring subsidiaries across Europe to establish a Pan-European player. B2Holding builds its business through the acquisition of servicing companies with strong segment positions, and the purchase of non-performing and partially performing debt portfolios. B2Holding is uniquely positioned for profitable growth with an experienced management and an outstanding track record. For further information, visit www.b2holding.no.
OldNick
07.06.2016 14:25
#18133

Endre
Resultatet av spredningsalget/emisjonen i B2Holding er annonsert.

Fastsatt pris per aksje: NOK 12,-

Investorer som er tildelt vil kunne se aksjene på sin VPS-konto senest torsdag 9 juni, kl. 08:00

B2H: B2Holding ASA - Bookbuilding successfully completed - offer shares priced at NOK 12.00 per share

Børsmelding
07.06.2016

Oslo - B2Holding ASA (B2Holding, ticker B2H) announces the successful completion of its initial public offering (the Offering).

In summary:
- The shares in the Offering are priced at NOK 12.00 per share.
- B2Holding will issue 54,166,666 new shares in connection with the Offering, raising gross proceeds of NOK 650 million. There will in total be 366,095,905 shares outstanding following the issuance of the new shares (before any issue of shares to cover the over-allotment), and the new shares represent approximately 14.8% of the shares in B2Holding after the equity issue.
- RASMUSSENGRUPPEN AS and Fjordsyn AS (the Selling Shareholders) will sell a total of 15,250,000 shares in the Offering, representing 4.2% of the shares of B2Holding following the issuance of the new shares to be issued in connection with the Offering.
- The Joint Bookrunners have over-allotted 10,412,499 shares, representing approximately 15% of the number of shares sold in the Offering before over-allotments.
- The offer price implies a pre-money market capitalisation of B2Holding of approximately NOK 3,743 million.
- The first day of trading on the Oslo Stock Exchange will be Wednesday 8 June 2016.

A total of 79,829,165 shares (including over-allotted shares) will be allocated in the Offering, representing 21.8% of the shares in issue after the Offering.

Notifications of allocated shares and the corresponding amount to be paid by investors are expected to be communicated to investors on or about 8 June 2016. Investors having access to investor services through their VPS account
manager will be able to check the number of shares allocated to them from about 08.00 hours (CET) on 9 June 2016. The Joint Bookrunners may also be contacted for information regarding allocations.

The Joint Bookrunners have borrowed 10,412,499 shares from Prioritet Finans AB for the purpose of over-allotting shares in the Offering. The Company has granted Arctic Securities AS (the "Stabilisation Manager"), an option to purchase up to 10,412,499 additional shares at a price equal to the final offer price in the Offering, which may be exercised by the Stabilisation Manager no later than 35 days from the first day of Listing to close out short positions in connection with the Offering. A separate disclosure will be issued by the stabilisation manager regarding the over-allotment and stabilisation activities.

ABG Sundal Collier ASA and Arctic Securities AS acts as Joint Global Coordinators and Joint Bookrunners in the IPO. Nordea Markets a part of Nordea Bank Norge ASA acts as Joint Bookrunner alongside ABG and Arctic.

Investor relations and media contacts:
Olav Dalen Zahl, Chief Executive Officer, B2Holding ASA, +47 9098 6386
Harald Henriksen, Chief Financial Officer, B2Holding ASA, +47 9139 2873
Erik Just Johnsen, Chief Group Controller, B2Holding ASA, +47 4157 7055
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B2H: B2Holding ASA - New share capital

Børsmelding
07.06.2016

Oslo - B2Holding ASA (B2Holding, ticker B2H). Reference is made to the stock exchange announcement published earlier today, 7 June 2016, regarding the expiry of the bookbuilding and application period in the initial public offering of the shares in B2Holding (the "Offering").

In connection with the Offering, B2Holding has today issued a total of 54,166,666 new shares at a subscription price of NOK 12.00, each with a nominal value of NOK 0.10. The new shares have been legally and validly issued and have been registered in

Endret 07.06.2016 14:27 av OldNick
OldNick
08.06.2016 11:41
#18134

Endre
the Norwegian Register of Business Enterprises. Following the issuance of the new shares, the share capital of B2Holding is NOK 36,609,590.50 consisting of 366,095,905 shares with a nominal value of NOK 0.10 each.
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B2H: B2Holding ASA - Primary insiders allocated shares in the IPO

Børsmelding
08.06.2016

Oslo - Reference is made to the stock exchange announcement published 7 June 2016, regarding the final results of the initial public offering of the shares in B2Holding (the "Offering").

The following primary insiders of B2Holding ASA have been allocated shares in the Offering in accordance with the terms set out in the prospectus dated 24 May 2016:

- Jens Harald Henriksen (Chief Executive Officer) has been allocated 3,057 shares which were subscribed for at the Offer Price, and will thus own 3,057 shares in B2Holding following completion of the Offering;

- Rasmus Hansson (Business development/Strategy/M&A) has through his related party RMH Invest AS, been allocated 3,057 shares, and will thus own 3,057 shares in B2Holding following completion of the Offering; and

- Indigo Invest AS has been allocated 2,680,000 shares which were subscribed for at the Offer Price, and will thus own 15,642,619 shares in B2Holding following completion of the Offering. Indigo Invest AS is represented on the board of directors through Per Kristian Spone.

ABG Sundal Collier ASA and Arctic Securities AS acts as Joint Global Coordinators and Joint Bookrunners in the IPO. Nordea Markets a part of Nordea Bank Norge ASA acts as Joint Bookrunner alongside ABG and Arctic.

Investor relations and media contacts:
Olav Dalen Zahl, Chief Executive Officer, B2Holding ASA, +47 9098 6386
Harald Henriksen, Chief Financial Officer, B2Holding ASA, +47 9139 2873
Erik Just Johnsen, Chief Group Controller, B2Holding ASA, +47 4157 7055
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B2H: B2Holding ASA - MANDATORY NOTIFICATION OF TRADE

Børsmelding
08.06.2016

Oslo - Reference is made to the stock exchange announcement published by B2Holding ASA ("B2Holding") 7 June 2016 regarding the final results of the initial public offering of the shares in B2Holding (the "Offering"). Fjordsyn AS, an entity controlled by Olav Dalen Zahl, has sold 250,000 shares in B2Holding in the Offering at the offer price (NOK 12.00 per share).

Following completion of the Offering, Fjordsyn AS will hold 2,292,716 0.63%) shares in B2Holding.
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B2H: Stabilisation and over allotment notice

Oslo, 8 June 2016; Reference is made to the stock exchange
announcement dated 7 June 2016 regarding the successful
completion of the initial public offering of B2Holding ASA
(B2Holding, ticker B2H), (the Offering).

Arctic Securities AS (the Stabilisation Manager) may engage in stabilisation activities of the shares of B2Holding from today 8 June 2016 to and including 8 July 2016 (the "Stabilisation Period"). Any stabilisation transactions will be aimed to support the market price of the shares of B2Holding.

mer på link
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B2H: B2Holding ASA - DISCLOSURE OF SHAREHOLDING AND MANDATORY NOTIFICATION OF TRADE

Børsmelding
08.06.2016

Oslo - Reference is made to the stock exchange announcement published by B2Holding ASA ("B2Holding") yesterday regarding the final results of the initial public offering of the shares in B2Holding (the "Offering").

RASMUSSENGRUPPEN AS has on 7 june 2016 sold 15.000.000 shares in B2Holding in the Offering at the offer price NOK 12 per share.

In a group internal transaction, RASMUSSENGRUPPEN AS has the same day acquired 1.250.000 shares in B2Holding from Cressida AS, 1.250.000 shares in
B2Holdi



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