Solon Eiendom (No_rec, TP: NOK) - Spreading its wings
The Q2 results were broadly in line with expectations, but the reported income figures still do not reflect Solon’s strong sales over the past year. With LTM sales of NOK4.5bn in Norway, we expect significant IFRS-based income growth until 2024e. Also, we expect Solon’s design and quality residential development style to be a hit with buyers when it enters the Stockholm market, and we see solid potential long-term. This planned entry into Sweden seems ROE-efficient, as its partnership with SBB lets it piggyback on SBB’s balance sheet. Owing to our role, we have no recommendation or target price on the stock.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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