Alex has acquired more Intrum for approximately 2.8 million kronor on Friday, June 13th.
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Wait a minute, Javier also with an almost similar-sized pot, but Rubio well over a million euros on Fri 13? 
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INTRUM: MANAGERS HAVE PURCHASED LARGER SHARE STOCK
today at 12.37 ∙ Nyhetsbyrån DirektSTOCKHOLM (Nyhetsbyrån Direkt) Intrum CEO Andrés Rubio has increased his holding in the credit management company by approximately 315,000 shares to a value of approximately SEK 12.9 million.
This is according to the Swedish Financial Supervisory Authority’s transparency register.
Alex Grove, who holds the title of Head of Investment Management at the company, has also increased his holding by purchasing just over 69,000 shares to a value of approximately SEK 2.8 million.
Javier Aranguren, with the title of Chief Investment Officer, has purchased just over 55,000 shares to a value of approximately SEK 2.3 million.
All purchases were made at a price of SEK 40.81 and are related to Intrum’s incentive program, according to which up to 33 key employees and members of the group management are offered compensation for investing in Intrum shares, which must then be held until at least December 31, 2027.
According to the ownership data service Holdings, Andrés Rubio holds approximately 1.09 million Intrum shares after the purchase, corresponding to 0.8 percent of the capital in the company. Alex Grove holds approximately 88,000 shares in the company and Javier Aranguren holds approximately 231,000 shares.
The three musketeers increased their holdings, but these are related to the incentive program and the purchase price for all purchases is the same 40.81 SEK.
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If my paper calculations are correct and NC sold that block, then after dilution their ownership is less than 20%.
I should probably follow that incentive program next, how much juice is left in it.
Roughly looking at Divinesia’s message a few posts back, where they mentioned that the cost to Intrum for this program would be 92mSEK, there would still be 55mSEK left.
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Only more insider purchases are being announced. As expected. 
Azadeh Varzi bought 27,600 shares, which is so far the smallest reported amount for the day. More announcements will likely come in, if not today, then this week.
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A positive trend is now slowly starting to show in Intrum’s share price 
of course, turbulence is to be expected, as thousands of impulsive investors will realize profits fearing a market crash, and traders will swing trade exactly these kinds of volatile stocks. For those in for the long haul, it is still an excellent time to make purchases and even open a new position, as the risks regarding the turnaround decrease day by day.
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I have found it extremely educational to follow various forums and their reactions to everything in recent months.
For example, in the very active (and well-informed) Swedish Discord, people have been on tenterhooks for the past weeks and even days, even though the price has risen. Calls have been made to the Swedish District Court weekly to check on progress and so on, general meetings have been attended, and things have been pondered daily.
“I’m tempted to sell, should I sell, has this risen too much, will it fall again?” And these guys stoically endured the lawsuits and everything else earlier when the price fell, but now with the rise, panic sets in.
Sometimes they pretend to know that everything known is priced in → but then when thing X happens and the price reflects it, it’s suspiciously risen.
Is there now too much time to ponder even though there’s nothing genuinely new to ponder!
Of course, by trading perfectly, one could make a fortune here, but I’ve already learned for my part that I might be the universe’s worst trader. I just can’t do it.
All the big news is still ahead, however. Let’s start from there.
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And more traditional delays; now the process is expected to be completed by July 23rd. This schedule could now be assumed to hold.
July 25th will then be the Q2 earnings report.
The relevant deadlines for Noteholders are now as follows:
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5 p.m. CEST on 3 July 2025 – Subscription Instruction Deadline / Noteholder Record Date / Custody Instructions Deadline
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11 July 2025 – Initial Funding Letters Date
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1 p.m. CEST on 16 July 2025 – Subscription Payment Deadline
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1 p.m. CEST on 17 July 2025 – Supplemental Funding Letters Date
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1 p.m. CEST on 21 July 2025 – Backstop Funding Deadline
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23 July 2025 – Anticipated Restructuring Effective Date / Closing Date
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Annette Kumlien had bought 44,410 shares of Intrum before Midsummer at a price of 46.31 kronor. These were also presumably related to the remuneration program.
Annette Kumlien has on June 19 bought 44,410 shares in the credit management company Intrum, where she is Chief Operating Officer. The shares were bought at a price of 46.31 kronor per share, a transaction worth 2.1 million kronor. The transaction was made on Nasdaq Stockholm. This is evident from the Swedish Financial Supervisory Authority’s (Finansinspektionen) insider register.
As of May 27, Kumlien owned 141,902 shares in Intrum, according to the ownership service Holdings.
When a ceasefire came into effect between Israel and Iran and a broad rise was seen in Asia overnight, it can be assumed that Intrum will also start the day’s trading strongly.
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I’m not into technical analysis (below novice level), but a golden cross seems to have formed. Let’s enjoy the ride🚂
Dips caused by Trump have been good buying opportunities…
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Technically, it is now at a place where it might face more resistance than usual. Once that is handled, it will be easier up to around 80 kronor.
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Fosse Capital Partners LLP currently holds a net short position in Intrum of approximately 2.77% of its outstanding shares, according to the Swedish Financial Supervisory Authority (FI) as of January 31, 2024 .
Additional data from shortnordic.com (updated May 28, 2025) reports the value of this position to be roughly 125 million SEK, initiated at a start price of around 61.64 SEK .
Summary Table
Metric Value
Position Size 2.77% shares outstanding
Value ≈ 125 M SEK
Entry Price ~61.64 SEK
Position Date As of Jan 31, 2024 (latest FI); confirmed May 28, 2025 by shortnordic
What This Means
At current levels (~54 SEK), Fosse’s short is deeply underwater (≈ –12 SEK per share).
Should Intrum move toward or above their entry price of ~62 SEK, Fosse may face strong pressure to cover, particularly if volume spikes—creating conditions ripe for a short squeeze scenario.
Finance Manager Grove’s almost 3 million SEK purchase was just announced. The day before yesterday, we rose 20%, boosted by an insider purchase one third smaller. I don’t want to be the guy who shouts “short squeeze” all the time, but this certainly looks interesting.
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Asking out of ignorance, but if shorts were taken at 61.64 and the price is now 55.42, shouldn’t that “trade” still be profitable all the way up to 61.64?
But anyway, another big buy just hit. The first of July marks the beginning of the quiet season, and even after that, information might still come a couple of days late.
Spotted from Nordnet’s news flashes this morning:
JP Morgan raised its recommendation for Intrum from 45 → 46 (hold)
Arctic raised its recommendation for Intrum from 17 → 24 (sell)
Arctic has been an absolute clown regarding Intrum ever since the saga began. Apparently, they don’t even have the actual authority to give official recommendations anymore, but they still do. So the shenanigans continue there.
Edit: Well, now the price is already over sixty. It might start to burn anyway. 
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It’s certainly interesting how analysts justify their views. Have they calculated that Intrum’s business will turn to a downward trend, Ophelos will collapse, the investment portfolio will shrink, and no one will agree to financing in the future, and all of Europe will start paying its bills on time starting next week 
Are any of these analyses publicly available with their justifications, or is someone a client of these companies and could link the most important key points here?
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It was a close call, 61.60 was the day’s high at the moment!
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It’s certainly nice to be an Intrum owner these days when people no longer laugh on various forums mainly about why Intrum should even be discussed. And the thesis regarding Intrum hasn’t changed anywhere since the beginning of last year.
What follows now is a shameless and unforgivable painting of a positive scenario ten years into the future.
If one thinks hypothetically a decade ahead, the biggest cost item (employees) is set to decrease radically, and at the same time, efficiency per employee will possibly rise tremendously. Simultaneously, Intrum is subtly transitioning more into a “tech” company in the debt collection industry and, if successful, will act as a trendsetter for the entire industry. That might help stretch acceptable valuation multiples – in addition to the fact that significantly more money will be made than before with borrowed money.
It sounds crazy and requires many pieces to fall into place, but on the other hand, it doesn’t make the feat impossible. July is again a big month, and in 2027-2028, hopefully, things will be at a point where the current debt package is financed with a new and better one, with the debt level being lower overall. After that, the path would finally be truly open.
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To my ears, it doesn’t sound bad at all. It’s a completely natural path for the debt collection industry to leverage technology and the innovations it brings, leading to a decrease in manual labor. One could even say it was about time.
Intrum’s strategy to strengthen its position in strategic markets has also made the company higher quality than before. Administrative costs will decrease significantly, and its position in large markets will further improve as Intrum becomes a better partner. Perhaps Intrum will soon become active in the M&A market again, as I believe smaller players will soon face tougher times due to the improved competitiveness of larger players, driven by new debt collection software.
In my opinion, the risks for Intrum are extremely small, and I will continue to add to my holdings up to 150 SEK from my salary, as always. I believe that by 2030, Intrum will already be able to return to a dividend of 10-15 SEK/share.
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Thanks to everyone on this forum who instilled faith in Intrum! Mostly by following your lead, I started investing in Intrum in early 2024, and now my position has doubled in euro terms and climbed to the third largest in my portfolio.
Sometimes a crisis is a blessing, and I believe this has been the case for Intrum. Business drivers for the coming years have already been highlighted here, but the potential consolidation in the financial sector is still a future trend that could make Intrum significantly larger than it was even when the downtrend began.
Debt collection is a difficult field, and the regulation targeting it is constantly tightening. I believe that financial sector consolidation will eliminate or at least reduce the debt collection processes independently carried out by financial institutions, shifting towards outsourced services from companies specializing in debt collection. Intrum was a significant player in the industry, and if, amidst the current crisis, a few more enhancements have been made to its processes and systems, it is potentially one of the players that will benefit relatively broadly from financial sector consolidation. Intrum’s investments in AI systems are likely key here when considering cost-effectiveness and the ability to accommodate growing customer volumes from financial institutions.
Oddly enough, with Intrum, I now need to start thinking about at what prices I will begin to lighten my position.
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Kepler: Intrum May Become More Attractive After Refinancing, but High Debt Remains a Concern
Published on 06/27/2025 at 04:31
Share
Kepler Cheuvreux believes that the refinancing of credit management company Intrum will make its shares more appealing to investors, prompting an increase in the target price to 47 SEK from 36 SEK. However, the firm notes that Intrum’s high level of indebtedness raises risk, leading Kepler to maintain its “reduce” recommendation.
Intrum is set to release its Q2 report on July 25, with the research house forecasting a 3 percent increase in EBIT and more than a doubling of EPS. At the same time, Kepler has slightly raised its EPS forecasts for 2025-2027. The company is also expected to complete its refinancing by the end of this period.
Nevertheless, the persistently high debt level is seen as making the company vulnerable to changes in financing costs. This is the main reason why Kepler’s target price for Intrum is about 30 percent lower than that of sector peer Hoist.
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I always wonder when professionals comment that Intrum would somehow be exposed to interest rate fluctuations. When only a fraction of the debts probably remained within the scope of variable interest rates after this package…
But oh well, if it comes as a positive surprise in analyses in Q3 figures, then that’s fine. Of course, that fixed rate is quite high, do I remember it being around eight percent. I should go dig into it, but I can’t get to the computer anymore this weekend.
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