Solon Eiendom (Hold, TP: NOK30.00) - Strong tailwinds
Sales in Q2 were solid, again having hit right on price to quality. Sales beat our Q2 forecast, but starts were below. We expect starts to increase in H2 2018 following the recent strong sales. Near-term, we see few catalysts with Q2e set to be a low season quarter, with only six units delivered to clients. The Q2 results are due on 22 August (0800CET). We repeat our HOLD recommendation and our NOK30 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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