Solon Eiendom (Buy, TP: NOK33.00) - Q3 in line; deliveries shift to 2020e
The Q3 results were broadly in line with our forecasts; however, the updated guidance on unit completions (155 in 2019e, nine of which are minority-owned) has led us cut our 2019e EPS. That said, we expect ongoing production to yield c200 deliveries to clients the following year, prompting us to raise our 2020e EPS. We reiterate our BUY recommendation and have edged up our target price to NOK33 (32) on updated peer multiples.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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