Stock OLT OLAV THON EIENDOMSSELSKAP ASA
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Financials Olav Thon Eiendomsselskap ASA

Equities

OLT

NO0005638858

Real Estate Development & Operations

Market Closed - Oslo Bors
Other stock markets
 15:45:00 26/04/2024 BST 		5-day change 1st Jan Change
224 NOK +2.75% Intraday chart for Olav Thon Eiendomsselskap ASA +1.82% +20.11%
03-13 Olav Thon Eiendomsselskap Offers NOK225 Million Bond MT
02-21 Olav Thon Eiendomsselskap ASA Announces Buy-Back of Bonds in Conjunction with the New Bond Issuance CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 17,388 19,015 20,269 17,810 18,926 22,731 - -
Enterprise Value (EV) 1 38,483 39,534 39,936 37,783 39,902 22,731 22,731 40,877
P/E ratio 9.32 x 45.9 x 5.43 x 7.31 x -11.7 x 12.9 x 12.2 x 11.5 x
Yield 2.98% - 3.32% 3.7% 3.75% 3.35% 3.57% 3.79%
Capitalization / Revenue 4.48 x 4.79 x 4.95 x 4.07 x 3.88 x 4.51 x 4.43 x 4.34 x
EV / Revenue 4.48 x 4.79 x 4.95 x 4.07 x 3.88 x 4.51 x 4.43 x 4.34 x
EV / EBITDA 6.96 x 6.09 x 7.8 x 6.44 x 5.94 x 7.06 x 6.97 x 6.81 x
EV / FCF 18.8 x 19.8 x 17 x 25.2 x 344 x 14.6 x 13.6 x 12.6 x
FCF Yield 5.32% 5.06% 5.88% 3.96% 0.29% 6.83% 7.37% 7.96%
Price to Book 0.64 x 0.69 x 0.66 x 0.55 x 0.63 x 0.73 x 0.71 x -
Nbr of stocks (in thousands) 103,623 103,623 103,623 101,479 101,479 101,479 - -
Reference price 2 167.8 183.5 195.6 175.5 186.5 224.0 224.0 224.0
Announcement Date 13/02/20 17/02/21 17/02/22 16/02/23 16/02/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,884 3,967 4,096 4,381 4,874 5,040 5,133 5,239
EBITDA 1 2,497 3,120 2,598 2,767 3,184 3,219 3,262 3,336
EBIT 1 2,473 3,091 2,566 2,741 3,167 3,203 3,247 3,320
Operating Margin 63.67% 77.92% 62.65% 62.57% 64.98% 63.55% 63.26% 63.37%
Earnings before Tax (EBT) 1 2,337 344 4,774 3,138 -2,183 2,203 2,331 2,477
Net income 1 1,833 323 3,701 2,428 -1,621 1,730 1,828 1,941
Net margin 47.19% 8.14% 90.36% 55.42% -33.26% 34.32% 35.61% 37.05%
EPS 2 18.00 4.000 36.00 24.00 -16.00 17.41 18.40 19.54
Free Cash Flow 1 925 962 1,192 706 55 1,553 1,676 1,810
FCF margin 23.82% 24.25% 29.1% 16.12% 1.13% 30.81% 32.65% 34.55%
FCF Conversion (EBITDA) 37.04% 30.83% 45.88% 25.51% 1.73% 48.25% 51.38% 54.26%
FCF Conversion (Net income) 50.46% 297.83% 32.21% 29.08% - 89.78% 91.69% 93.25%
Dividend per Share 2 5.000 - 6.500 6.500 7.000 7.500 8.000 8.500
Announcement Date 13/02/20 17/02/21 17/02/22 16/02/23 16/02/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 993 1,084 1,105 1,104 1,037 1,135 1,245 1,200 1,158 1,270 1,325 1,224 1,202 1,290 1,349
EBITDA 1 640 670 663 748 677 679 806 805 782 791 801 816 814 788 812
EBIT 1 634 658 654 741 672 674 800 801 779 787 796 812 811 784 808
Operating Margin 63.85% 60.7% 59.19% 67.12% 64.8% 59.38% 64.26% 66.75% 67.27% 61.97% 60.08% 66.34% 67.47% 60.78% 59.9%
Earnings before Tax (EBT) 1 1,099 2,085 2,468 1,418 48 -796 234 173 -763 -1,826 532 563 560 548 561
Net income 1 804 1,587 1,934 1,093 44 -641 178 173 -588 -1,383 418 442 439 431 441
Net margin 80.97% 146.4% 175.02% 99% 4.24% -56.48% 14.3% 14.42% -50.78% -108.9% 31.55% 36.11% 36.52% 33.41% 32.69%
EPS 2 8.000 15.00 19.00 11.00 - -6.000 2.000 2.000 -6.000 -14.00 4.210 4.450 4.420 4.330 4.430
Dividend per Share 2 - 6.500 - - - 6.500 - - - 7.000 - - - 7.500 -
Announcement Date 11/11/21 17/02/22 19/05/22 12/08/22 04/11/22 16/02/23 24/05/23 11/08/23 09/11/23 16/02/24 - - - - -
1NOK in Million2NOK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 21,095 20,519 19,667 19,973 20,976 - - 18,146
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) 8.448 x 6.577 x 7.57 x 7.218 x 6.588 x - - 5.439 x
Free Cash Flow 1 925 962 1,192 706 55 1,553 1,676 1,810
ROE (net income / shareholders' equity) 6.8% 1.17% 12.6% 7.69% -5.21% 5.6% 5.7% 5.9%
ROA (Net income/ Total Assets) 3.09% 0.54% 6.05% 3.9% -2.63% 2.8% 2.9% 3%
Assets 1 59,320 59,959 61,153 62,292 61,539 61,779 63,029 64,700
Book Value Per Share 2 264.0 268.0 298.0 318.0 296.0 306.0 317.0 -
Cash Flow per Share - - - - - - - -
Capex 728 - - - - - - -
Capex / Sales 18.74% - - - - - - -
Announcement Date 13/02/20 17/02/21 17/02/22 16/02/23 16/02/24 - - -
1NOK in Million2NOK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Olav Thon Eiendomsselskap ASA

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
224 NOK
Average target price
250 NOK
Spread / Average Target
+11.61%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail Real Estate Development

1st Jan change Capi.
OLAV THON EIENDOMSSELSKAP ASA Stock Olav Thon Eiendomsselskap ASA
+20.11% 2.06B
SCENTRE GROUP Stock Scentre Group
+3.68% 10.49B
THE PHOENIX MILLS LIMITED Stock The Phoenix Mills Limited
+37.76% 6.62B
ARABIAN CENTRES COMPANY Stock Arabian Centres Company
+21.03% 3.18B
PLAZA S.A. Stock Plaza S.A.
+12.20% 2.89B
MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A. Stock Multiplan Empreendimentos Imobiliarios S.A.
-15.55% 2.73B
EASYHOME NEW RETAIL GROUP CORPORATION LIMITED Stock Easyhome New Retail Group Corporation Limited
-7.58% 2.62B
AEON MALL CO., LTD. Stock AEON Mall Co., Ltd.
+1.58% 2.6B
ALLOS S.A. Stock Allos S.A.
-19.21% 2.31B
ATRIUM LJUNGBERG AB Stock Atrium Ljungberg AB
-18.25% 2.17B
Retail Real Estate Development
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