Olav Thon (Buy, TP: NOK265.00) - Deep value and growth potential
Olav Thon reported Q3 FFO 4% below our forecast, owing to tax cost deviations. The company continues to have one of the sector’s strongest balance sheets, and we continue to expect it will make transactions that can increase EBIT and FFOps. Despite its robust balance sheet and its solid historical growth, the stock is trading at one of the sector’s deepest NAV discounts. We reiterate our BUY and NOK265 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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