Intrum: Shines after prelim Q3 profit beat, CEO change

Hoist Finance AB (publ)

19/10/2020 08:25

** Shares in Swedish debt collector Intrum  INTRUM.ST  jump
12% after the company posted preliminary Q3 results and named
Anders Engdahlon new CEO  urn:newsml:reuters.com:*:nL8N2H90FR
    ** The company posted on Sunday Q3 operating profit at SEK
1.69 billion ($190 million), above estimates of 1.28 billion
crowns seen in the company's collected consensus
    ** "This is a second positive pre-release in a row, and a
catch up in collections has positive readthrough for debt
management peers", JP Morgan notes
    ** Q3 results imply 8% upside to 2020 adjusted EBIT
consensus, the brokerage says
    ** Intrum also said Anders Engdahl, its former CFO, assumes
the CEO position with immediate effect, adding new leadership is
needed to lead the next phase of the company's transformation
    ** Intrum stock rises to 265 crowns, its highest level since
February, while shares in peer Hoist Finance  HOFI.ST  are up
7.5% in morning trade 


($1 = 8.8442 Swedish crowns)

 ((boleslaw.lasocki@thomsonreuters.com))