Solon Eiendom (Hold, TP: NOK32.00) - Q2 miss
While we expected Q2 to be low season, the results were below our expectations as EPS fell into negative territory. Following the sale of Magasinparken in Ski, we have raised our 2020e EPS, but cut 2021e. With potentially as many as 250 units in project sales started in H2, sales could be a near-term catalyst, as could the financial restructuring of the land bank. Debt levels and near-term debt maturities remain high, and we note a covenant breach in Q2, although this was temporarily eased. 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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