Olav Thon (Buy, TP: NOK220.00) - Something else
While retail property across Europe and US suffers under the pandemic, OLT reported the revenue in its shopping malls was up 12.9% YOY in Q3. The vacancy rate remains at a solid 3.6% and LTV, ICRS, and NIBD/ EBITDA are well within comfortable levels, in our view. Despite strong KPIs and some of the best assets in Norway, the stock is trading at a low P/NAV (as are those of its peers). We still find the stock attractive and reiterate our BUY and our NOK220 price target.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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