Aurora Eiendom (Buy, TP: NOK110.00) - Q2 EBIT beat, FFO in line
While rental income was 1% shy of our estimate, EBIT was 5% above, reflecting the company’s cost control focus. However, FFO was in line as a result of higher payable tax and rising financing costs; the latter as well as rising interest rates have prompted us to cut our 2022–2024e EPS by 9–13%. Nonetheless, we still like the valuation and growth prospects, and reiterate our NOK110 target price and BUY.Aura Energy is engaged in the exploration and evaluation of its projects in Sweden, Mauritania, and Australia. This comprises exploration and evaluation of uranium, gold, silver and base metals projects.
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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