Solon Eiendom (Buy, TP: NOK33.00) - EPS Ski lift
Q2 marked a seasonal low, as expected, and given a history of lumpy earnings. Our focus is on EBIT margins on the group’s Ski development. We forecast >30% on the project as much of the NOK560m unrealised gains on the land filter down to the bottom line over 2021–2025e. While it will need to invest in land in the coming years, and we expect normalised margins closer to 16–18%, we see ample potential upside in the shares on ‘super-cycle’ EPS. We have raised our target price to NOK33(30) and upgraded the stock to BUY(HOLD).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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