Solon Eiendom (Hold, TP: NOK26.00) - No remedy for 2020e
Unit sales were the expected catalyst for Solon in 2020e, in our view. However, with the Covid-19 slowdown, the drop in the oil price, and the spiking Norwegian unemployment rate, this does not look to be materialising in 2020e; in our view. We have cut our forecast, delaying the expected sales. The upcoming Q1 result is expected to be a low-season quarter, with results due at 08:00 CET on 27 May. On reduced forecasts, we have cut our target price to NOK26 (37) and reiterate our HOLD.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.