Aurora Eiendom (Buy, TP: NOK100.00) - Q2 in line
The Q2 results were in line with our forecasts on all key operating metrics. Rent, net rent, EBIT, PFPM and FFO were within 1% of our estimates, and the rental level of NOK572m at end-Q2 was also as we expected. However, we have cut our 2024–2025e EPS, FFO and NAV on higher market interest rates. Based on our updated forecasts, we reiterate our BUY but have reduced our target price to NOK100 (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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