Norwegian Property (Buy, TP: NOK15.00) - Supportive transaction
Owing to the company’s recent NOK1.1bn equity issue and its higher share count, we have reduced our LTV, EPS, NAV and FFO/share forecasts. However, with potential upside to NAV still, and recent CBD transactions breaking yield records in Oslo, we see continued NAV support for the stock. We are broadly in line with consensus ahead of Q3 (results due at c08:00 CET on 21 October), and 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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