Solon Eiendom (Buy, TP: NOK45.00) - Heading for ‘Solon v2.0’
The Q1 report beat our forecasts, with a higher-than-expected EBIT margin. However, the new joint venture with SBB Norden, Kristiansand plot acquisition, upcoming entry into Stockholm and secondary listing on Nasdaq Stockholm were the highlights of the webcast. The ‘governance reboot’, with a new, more independent board composition and rebalancing of the large shareholders, aims to bring its governance more in line with its well-known prime developments. We reiterate our BUY and have raised our target price to NOK45 (43).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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