Solon Eiendom (Hold, TP: NOK40.00) - Good things take time
Solon Eiendom reported a Q4 EPS beat, but did not comment on the ongoing strategic review, only saying it continues and that it could extend beyond the end-March shareholder lock-up period. Sales impressed again, and long-term we see prospects of a material re-rating if they remain at the same level and cost savings materialise under the new CEO’s stewardship. However, we believe this will take time, and with the strategic update pushed forward again, we see less likelihood of M&A providing a near-term catalyst. We have downgraded the stock to HOLD (BUY) and lowered our target price to NOK40 (43).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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