Aurora Eiendom (Buy, TP: NOK125.00) - Low liquidity but upside potential
Q4 rental income exceeded our forecast, and with lower-than-expected financing costs, FFO was 12% above our estimate. Property values fell less than reported by peers so far, which we consider fair given its higher yields and strong underlying performance. The stock remains illiquid, but fundamentally we see good upside potential. We reiterate our BUY and have raised our target price to NOK125 (120).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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