Solon Eiendom (Buy, TP: NOK43.00) - Punching above its weight
Q1 saw housing sales of NOK1.2bn, with 12-month rolling sales at 698 homes; thus, Solon Eiendom is almost at the same level as peer Selvaag Bolig (SBO). The shareholder lock-up (c75% of capital) was extended to 30 June in connection with the ongoing strategic review. However, in our view there should have been no need for a lock-up, if there were no ongoing discussions. Given the sales level reported, we see potential upside should Solon Eiendom remain a listed company. On its share price performance relative to peers, we have upgraded to BUY (HOLD) and raised our target price to NOK43 (40). Q1 results are due at 08:00CET on 27 May.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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