Solon Eiendom (Hold, TP: NOK37.00) - Sales are the catalyst in 2020e
The company guided that it might have as many as 10x project sales starts in 2020e, which offers us comfort in our forecast of a solid uptick for units sold. The Q4 EBITDA beat our estimate, but the large EPS beat was mainly due to accounting effects. Based on the Q4 results, updated details on the Kruse-Smith Eiendom (KSE) takeover, and an updated share count, we have cut our EPS for 2020–2021e and raised 2022e. With the stock supported by NAV and the 2022e P/E, we keep our HOLD and NOK37 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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