Aurora Eiendom (Buy, TP: NOK110.00) - Stable operations, but higher financing costs
The Q1 operating results were broadly in line with our expectations (EBIT 1% above our forecast). However, higher credit margins on one bank loan and new swap derivatives resulted in FFO falling 11% shy of our forecast. Still, the valuation remains attractive in our view, given the large discount to NAV. 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.
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.