Aurora Eiendom (Buy, TP: NOK120.00) - Well above our expectations
Q3 rental income surpassed our forecast and reported rental run rates increased much more than expected on property transactions, as yields on these were higher than we estimated. We have raised our revenue, EBIT and EPS forecasts. We reiterate our BUY and have increased our target price to NOK120 (110) due to the stronger implied yields and healthy NIBD/EBIT.
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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