Solon Eiendom (Hold, TP: NOK34.00) - 2019–2020e EPS slashed
At its CMD in April, Solon Eiendom targeted building 700 units/year by 2024, and guided for 290 homes delivered in 2020. However, the Q3 guidance stated that only 186 homes would be delivered in 2020. We have cut our EPS 2020e on significantly fewer units to be recognised as profits in 2020. While management is still committed to its previous target, we would need to see improved sales before factoring in upside potential. We reiterate our HOLD and have cut our target price to NOK34 (37).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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