Norwegian Property (Buy, TP: NOK12.00) - Broadly in line, but lower run-rate
Norwegian Property reported Q1 FFO and dividends broadly in line with our forecasts, despite revenues 3% below our estimate. Given the Q3 lease start dates at Drammensveien 60 and a lower than expected rental run rate, we have cut our revenue forecasts for 2019–2021. However, with an EPRA NNNAV of NOK15.41/share, we see solid fundamental upside, and have a positive view on the Hasle development. We reiterate our BUY recommendation and NOK12 target price.Norwegian Property operates in management, acquisitions, sales and development of commercial real estate, including participation in other companies as well as businesses which are related as such. Co.'s properties primarily comprise office premises with associated warehousing and car parks, and retail and catering space. Co.'s activities are organized in four business areas: marketing and letting; property management; property development; as well as transactions and financing. As of Dec 31 2013, Co. owned 41 office and commercial properties in Norway, located in Oslo, Baerum, at Gardermoen and in Slavenger.
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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