Olav Thon (Buy, TP: NOK250.00) - Mixed Q4, but underlying in line
The value of the assets was written down c3.3% QOQ giving a reported Q4 loss. However, with the NAV at NOK360/share, there is still ample upside potential in the stock, in our view. The Q4 rental income beat our forecast, thus EBIT was also better than we expected. However, the beat was driven by turnover-based rents while the rental level in the portfolio at end-2023 was broadly in line with our forecast. We have cut our 2024–2026 FFO by c3–4% due to higher market interest rates. We reiterate our BUY and NOK250 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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