Solon Eiendom (Hold, TP: NOK37.00) - Estimates cut on lower unit prices
Solon Eiendom sold 48 homes in Q1, just below our 50-unit forecast, but the NOK228m sales value was 31% below our forecast due to lower than expected unit prices. Along with guidance that sales values in 2019 will be closer to NOK6m/unit due to more focus on apartments, this has led us to cut our revenue forecasts ahead of the results due on 15 May at c08:00 CET. In our view, Q1 is likely to be a weaker quarter than expected as settlement for 33 of the units completed in Q1 was pushed into Q2. We reiterate our HOLD and have cut our target price to NOK37 (39).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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