Solon Eiendom (Hold, TP: NOK32.00) - Strong sales in Q2
Despite the Covid-19 lockdown, Solon Eiendom managed to sell 90 homes, with good sales late Q2, beating our forecasts. As a result, we have raised our 2021–2022e EPS, expecting ramped up housing starts in the coming quarters. Ahead of the Q2 results (due at 08:00 CET on 26 August), we forecast EBIT EBIT of NOK67m. We have lifted our target price to NOK32 (27) on our updated forecasts and peer valuations, but reiterate our HOLD as the valuation seems fair versus peers.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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