Olav Thon (Buy, TP: NOK230.00) - Retail assets at an all-time high
In contrast to other European large-cap shopping-mall peers, Olav Thon’s share price is trading at an all-time high (div. adj) – and in our view there seems further to go. The Q4 figures were in line with our forecasts, and KPIs were in supportive. Tenant revenues increased 2.5% YOY in 2019, and rental capacity of NOK3,215m implies a 3.7% YOY gain. Fewer developments in the near term will improve the already-strong balance sheet in our view. We reiterate our BUY and have raised our NAV-based target price to NOK230 (215).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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