Solon Eiendom (Hold, TP: NOK39.00) - No starts in Q2
With no projects started in Q2, Solon reported sales of only 23 units, 54% below our forecast. At its CMD in May, it targeted delivery of 700 homes/year from 2024, but it has only sold 150 units in the past 12 months. Ahead of the Q2 results, due 14 August at 08:00 CET, we forecast an EBIT of NOK70m from the 48 units delivered to clients. We reiterate our HOLD, but have cut our target price to NOK39 (40) on lower forecasts.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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