Solon Eiendom (Buy, TP: NOK43.00) - Impressive sales, but focus remains on strategic process
Solon Eiendom reported very strong sales for Q4, with 161 units sold (net). Assuming it can maintain its 2020 sales levels and continues with reduced volatility, we see an attractive standalone case given the valuation. However, we believe the main potential near-term catalyst remains the ongoing strategic review. For Q4 (results due at c08:00 CET on 26 February), our focus is on the strategic review and updated asset valuation. We reiterate our BUY and have raised our target price to NOK43 (40).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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