Solon Eiendom (Hold, TP: NOK37.00) - Six months with no starts
With no project starts in since Q1 2019, we have cut our 2021e delivery forecasts and IFRS-based 2021e EPS. Solon’s Q3 gross sales of 78 units include 62 units sold to its own JV, Solon Real Kapital, and the net sales of 48 units include external sales to consumers, but total 14x units adjusted for the JV sales. Ahead of the Q3 results due at c08:00 CET on 30 October, we expect a solid increase in Q3 EBIT YOY on more units delivered. However, with our reduced forecasts, we have lowered our target price to NOK37 (38). We reiterate our HOLD.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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