Aurora Eiendom (Buy, TP: NOK110.00) - Stable delivery, attractive valuation
Aurora reported its shopping malls achieved NOK8.8bn tenant revenues, or 4.6% YOY growth for 2023. For Q4, we are expecting stable YOY growth in rental income (EBIT +2%), but a drop in FFO (-26% YOY) on higher interest rate costs. However, on the market pivot in interest rates, we have lowered our 2024–2025e financing costs and raised our FFO and NAV forecasts. We reiterate our BUY, and have raised our target price to NOK110 (100).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.