Olav Thon (Buy, TP: NOK250.00) - Nearing new highs; still undervalued
In line with peers, Olav Thon has rallied with the pivot in market interest rates. The share price is close to all-time-highs, but in our view is still undervalued, with one of the most attractive valuations in the sector. For the Q4 results, due at c08:00 CET on 16th February, we expect c13% adj. EBIT growth YOY. We have raised our target price to NOK250 (230) and reiterate our BUY.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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