Aurora Eiendom (Buy, TP: NOK120.00) - Solid Q1
Q1 FFO was in line with our forecast, but due to rising market interest rates and our updated rental income forecasts, we have reduced our EPS (and FFO) by c4% for 2023e and c5% for 2024e. We continue to like the comfortable NIBD/EBIT levels, which leave the company better placed to cope with higher interest rates than most Nordic peers, in our view. Given its strong financial position, the discount to NAV, and attractive implied yields, we reiterate our BUY, while we have reduced our target price to NOK120 (125) on our reduced forecasts and a declining peer valuation.
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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