Solon Eiendom (Hold, TP: NOK39.00) - Q4 IFRS low season, but DPS beat
With only two units delivered to clients, official IFRS Q4 results were low-season, as we expected. However, Solon suggested a NOK2 DPS for 2018, beating our forecast. On POC accounting (developments under production), the real estate EBITDA margin fell 255bp QOQ to 17.1%, leading us to lower our 2020e/2021e IFRS margins. Based on updated peer valuation and lowered forecasts, we have cut our target price to NOK39 (41) and reiterate our HOLD recommendation.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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