Olav Thon (Buy, TP: NOK210.00) - Record NAV discount
The Olav Thon shares are currently trading at 0.55x reported Q4 EPRA NAV, well below the historical 30% NAV liquidity discount, leading us to reiterate our BUY recommendation. The Q4 results beat our forecasts on both rental income and lower costs. We forecast 18% rental income growth 2017–2020e from ongoing developments, and expect more developments to be started soon – a potential catalyst for further rental growth. We maintain our target price of NOK210.Olav Thon Eiendomsselskap is engaged as a property operator. Co.'s property portfolio is broken down into the following property segments: shopping centres and commercial property. At Dec 31 2013, Co.'s shopping centres comprised the management of 87 shopping centres, of which 27 are managed for external owners.
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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