Aurora Eiendom (Buy, TP: NOK120.00) - Higher funding costs, still attractive
Aurora’s Q1 EBIT was in line with our forecast, but its updated rental run rate and NOI margins have caused us to lower our 2022e EBIT by c2%. Higher funding costs, which also missed our forecast, have led to our EPS estimate cuts, and higher interest rates have led to our lower NAV forecasts. However, given the conservative NIBD/EBITDA and LTVs combined with solid implied yields, we reiterate our BUY and target price of NOK120.
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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