Aurora Eiendom (Buy, TP: NOK115.00) - Solid foundation and attractive valuation
Q4 PFPM was broadly in line with our estimate, while JV profits led FFO to a beat. Aurora returned to growth in Q4 following the Q3 revenue miss on short term effects, and with an attractive valuation and strong balance sheet we continue to see an appealing risk/reward. After rolling forward our valuation, we have raised our target price to NOK115 (110) and reiterate our BUY.
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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