Aurora Eiendom - Initiation of coverage - Attractive CPI hedge
The offset to CPI growth in shopping centres is operational and contractual due to the annual CPI-based adjustment of rents. The low OCR in the Norwegian market leads us to also expect Nordic shopping centres to continue to hold their ground in rents, while remaining local social gathering spots due to the harsh Nordic climate. The CPI adjustment and high yield in quality assets lead us to forecast good investment returns for Aurora Eiendom, but we also expect its modest financial gearing to leave room for value-adding bolt-on investments. We initiate coverage with a BUY and NOK120 target price.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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