Solon Eiendom (Hold, TP: NOK32.00) - Calling potential suitors
Q3 reported sales were 21% below our forecast, while completed units were in line with our estimate and the guidance. We believe differences in our upcoming Q3 estimates versus consensus are down to a Ski development, which we include in financial income. However, in our view, Solon Eiendom has become an event-driven name after its announcement on 7 September of an "exploration of all strategic alternatives". The Veidekke sale was priced below our end-2019 NAV estimate, indicating a binary risk given Solon Eiendom’s LTV. We reiterate our HOLD and NOK32 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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