Norwegian Property (Buy, TP: NOK15.00) - Mr Fredriksen finally makes his mark
There had been few major moves or strategic changes at NPRO since 2014, when John Fredriksen started investing in the company. That changed in Q2, when NPRO acquired Nordr, and yesterday it announced it had agreed to buy Snarøyveien 30 for NOK5.45bn (implied yield of 5.9% according to management). The Q3 results were broadly in line with our forecasts, and we reiterate our BUY and NOK15 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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