Olav Thon (Buy, TP: NOK215.00) - Growth likely in coming quarters
The Q3 results were below our forecasts, as other property costs were lower than expected and the relating property costs in line due to costs associated with the establishment of new tenants. With four of the six ongoing developments to be completed by Q2 2019e, adding an estimated 105,600sqm to the portfolio, we expect 2019e EBITDA to be up by 11.9% YOY. With a highly attractive P/NAV, we repeat our BUY, but have raised our target price to NOK215 (210) on our updated forecasts.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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