Olav Thon (Buy, TP: NOK230.00) - Still more attractive than peers
Q3 rental income was in line with our forecast, while EBIT was 2% higher. With Olav Thon’s shopping malls outperforming all peers, the post-pandemic proof is in higher tenant revenues YOY, stable values and rents, a vacancy rate of only 3.8%, and an LTV that fell to 36% in Q3. Thus, Olav Thon significantly outperformed Nordic and European peers. As the valuation on P/NAV and P/FFO is still in line with peers, we reiterate our BUY and SEK230 target price, which implies a 30% liquidity discount on our 2022e EPRA NTA.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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