Solon Eiendom (No_rec, TP: NOK) - Another solid quarter
Solon Eiendom sold 160 homes net* in Q2 worth NOK1,039m, and NOK3.65bn over the past 12 months. With more units than we expected delivered to clients in the quarter, we have increased our forecasts ahead of the Q2 results (due at c07:00 CET on 25 August). We have raised our 2021e EPS by 11.7%. DNB Markets is acting as financial advisor to Solon Eiendom in connection with a possible secondary listing on Nasdaq First North Growth in Stockholm. As a result, we have withdrawn our recommendation and target price.Solon Eiendom is a biotechnology company.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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