reports
- Bengt Jonassen
- Daniel Vårdal Haugland
- Simen Mortensen
Changes ahead on the new EU Green Deal White Paper
Green building-code regulations have so far targeted only newbuilds and some large renovations; however, a recent EC White Paper aims to regulate and speed up the renovation and modernisation of existing buildings. The EC is initially targeting the worst-performing 15% of building stock (requiring an upgrade from energy class G to at least F). While we expect the impact of the new regulation to be limited in our forecast period, we have raised our long-term growth assumptions and changed our sec...
- Simen Mortensen
Solon Eiendom ASA: 1 director
A director at Solon Eiendom ASA bought 4,000,000 shares at 38.182NOK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
- Simen Mortensen
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).
- Simen Mortensen
Returning to normal-ish
Construction stock prices appear to have normalised, with valuations falling back on rising interest rates and inflation concerns. However, we expect demand to remain solid despite rising building costs, and that building for third parties will, as before, pass price fluctuations and inflation through the system. Development gains are more likely to be at risk on higher costs. New housing markets have normalised since the pandemic-sparked boom, while commercial construction – including public bu...
- Bengt Jonassen
- Daniel Vårdal Haugland
- Simen Mortensen
- Bengt Jonassen
- Daniel Vårdal Haugland
- Olof Larshammar
Atlas Copco (Hold, TP: SEK600.00) - Ramping up, but not enough
We expect the strong order intake growth to continue and forecast a sequential increase in Q3 (4% above consensus). However, our adj. EBIT is below consensus due to lower sales. Fundamentals still appear favourable given 1) an improved outlook for Vacuum Technique; and 2) Compressor Technique gaining market share. Nevertheless, we consider the valuation rich relative to historical averages and reiterate our HOLD and SEK600 target price.
- Simen Mortensen
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 l...
- Bengt Jonassen
- Daniel Vårdal Haugland
- Olof Larshammar
Atlas Copco (Hold, TP: SEK550.00) - Yet another order beat
Order intake in Q2 of SEK32.5bn was impressive, 11% above consensus and 28% above the average since Q1 2018. Fundamentals for 2021e look favourable, driven by: 1) a reversal of the weakness in operating leverage; 2) an improved outlook for Vacuum Technique; and 3) Compressor Technique gaining market share. However, we consider the valuation rich relative to historical averages and reiterate our HOLD and SEK550 target price.
- Simen Mortensen
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 ...
- Bengt Jonassen
- Daniel Vårdal Haugland
- Olof Larshammar
- Bengt Jonassen
- Daniel Vårdal Haugland
- Simen Mortensen
Solon Eiendom (Buy, TP: NOK45.00) - Heading for ‘Solon v2.0’
The Q1 report beat our forecasts, with a higher-than-expected EBIT margin. However, the new joint venture with SBB Norden, Kristiansand plot acquisition, upcoming entry into Stockholm and secondary listing on Nasdaq Stockholm were the highlights of the webcast. The ‘governance reboot’, with a new, more independent board composition and rebalancing of the large shareholders, aims to bring its governance more in line with its well-known prime developments. We reiterate our BUY and have raised our ...
- Bengt Jonassen
- Daniel Vårdal Haugland
- Olof Larshammar
Atlas Copco (Hold, TP: SEK550.00) - Solid execution
Fundamentals for 2021 seem favourable for Atlas Copco, driven by: 1) a reversal of the weakness in operating leverage; 2) an improved outlook for Vacuum Technique; and 3) Compressor Technique returning to growth. However, we still consider the valuation rich relative to historical averages and peers, and thus reiterate our HOLD. Nevertheless, we have raised our target price to SEK550 (525) on higher estimates.
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