Olav Thon (Buy, TP: NOK210.00) - Low valuation and high growth
OLT’s rental growth reported at 6.6% YOY and EPRA NAV at NOK266/share. The Q3 results fell slightly below our forecast on higher seasonal property costs, but with one the sector’s most attractive P/NAV valuations and continued rental growth from ongoing developments, we repeat our BUY recommendation and NOK210 target price. The company’s LTV remains well below the 50% target, and we see triggers in the company launching new developments or new deals.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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