Olav Thon (Buy, TP: NOK240.00) - Solid growth, attractive valuation
Olav Thon outperformed our estimates on all key operating lines in Q2, while a beat on the quarter-end rental run-rate has prompted us to raise our 2023–2025 rental income forecasts 2-3%. The stock is continuing to trade with the highest implied yield in our sector coverage, while its portfolio continues to deliver stable growth, and the end-Q2 vacancy rate remained a low 3.4%. We reiterate our BUY and NOK240 target price.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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