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Olav Thon Eiendomsselskap ASAOlav Thon Eiendomsselskap ASAOlav Thon Eiendomsselskap ASA

Olav Thon Eiendomsselskap ASA

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OLTO trade ideas

Long. TP 260. The share price has broken out after 3 years of consolidation, making new ATHs in modest increments. Things are turning bullish for the sector, which has been in the doldrums for the last 4 years, first hit with COVID, then consumers hit with double whammy of high electricity prices and higher interest rates, following markdowns of fair values of real estate assets due to higher transaction yields driven by interest rates. What was a nearly perfect storm of depressive events has now turned to an accumulation of bullish factors for the sector. Consumers are getting wage increases, electricity prices have come down, and interest rates appear to have peaked, with some signals materializing of potenital decreases in rates towards the end of 2024. OLT is not the only company in the sector breaking out of a 3 year holding pattern, a similiar patter can be seen for Unibail Rodamco Westfield, and NEPI Rockastle. All companies are showing 1. Double digit increases in like for like revenues 2. Extremely low valuations in a historic context, with earnings multiples being between 7-9x 3. Price to book values significantly below 1, with discounts to NAV of 40% of more Low valuations, strongly improving outlook and finally, bullish technicals makes this a no-brainer. Unless Putin decides to attack Poland (GFB), the only way is up.
OSL:OLTLong
by Aeolusinvestor