Olav Thon (Buy, TP: NOK300.00) - Continued growth
Q4 rental income was 1% above our estimate, but higher property costs (seasonal effects) led to a 3% decline in NOI. However, with a 100% takeover of the assets Amfi Sogningen and Amfi Eidsvoll in the JV ‘Amco Eiendom’ (was 50% owned), we have raised our revenue and EBIT forecasts, but see a limited FFOps effect due to lower JV and raised financing forecasts. The valuation remains one of the most attractive in the sector, and we continue to expect growth from new investments. We have rolled our valuation forward, raised our target price to NOK300 (265), 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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