Ripple effects likely to hit eventually
Thanks to its high-end residential units, Solon Eiendom has outperformed peers in terms of unit sales YTD. However, we expect ripple effects from the wider market slowdown to hit eventually, as the values of its clients’ homes fall. The valuation remains attractive, but only in line with Nordic small-cap homebuilder peers, and we consider the ‘super’ profits from recent high residential price growth to be non-recurring. Having updated our forecasts for Q3 sales (results due at 07:00 CET on 9 November) and the Q2 results, we reiterate our HOLD recommendation and NOK18.5 target price.Solon Eiendom is a biotechnology company. Co.'s focus is the research and development of peptide based vaccines against viral diseases, primarily human immunodeficiency virus (HIV). As of Dec 31 2013, Co.'s clinical development pipeline comprised of two vaccine candidates for the treatment of HIV, Vacc-4X and Vacc-C5. Vacc-4X is being investigated in two phases II trials in collaboration with Celgene Inc.
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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