Aurora Eiendom (Buy, TP: NOK110.00) - Short-term effects hit Q3
Q3 rental income was lower and property costs higher than expected due to Alti Vinterbro renovation works and Alti Gulskogen tenant changes. However, the effects should be short-lived as new tenants are due in the coming quarters. We have reduced our 2025e EPS on updated interest rate assumptions, reflecting a later cut in Norwegian short-term rates. With a deep NAV discount and attractive valuation, we reiterate our BUY and NOK110 target price.
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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