Solon Eiendom (Hold, TP: NOK18.50) - Less per unit in Q3
While the company has stated it makes cNOK1m per unit, the report showed EBIT of only NOK26.6m on the 45 units delivered to clients, 27% less than guided. The updated guidance with 0 deliveries in Q4 2018 has made us cut our 2018e EPS forecast. So far, the company has been hit less than many peers given its high-end focus and limited investor exposure, but we fear the ripple effect from will come in 2018. We retain our HOLD recommendation and NOK18.5 target price.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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