Olav Thon (Buy, TP: NOK240.00) - Still ticking all the right boxes
Strong Q2 reported results included asset gains on lowered yields despite higher market interest rates. Reported EBIT was better than expected following the sale of a property management company, while underlying profit from property management (PPFM) was in line with our forecast. The occupancy rate was a solid 96.7%, and management estimates growth in the rental base (fully let) was 2.8% YOY. 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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