Solon Eiendom (Hold, TP: NOK44.00) - Fair exit
Q3 EBIT was below our forecast as units delivered had a lower than expected value and margins were lower. However, with the sale of the operations in Rogaland booked as a financial gain, EPS was in line with our expectation. Given SBB Norden’s upcoming mandatory offer for all shares in Solon Eiendom at NOK44 each in cash, we reinstate our recommendation with a HOLD (NO REC) and a target price of NOK44 (N/A).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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