Entra ASA (ENTRA.OL): Weak operations, we forecast ICR to fall <2x in 2027; reiterate Sell

研报英文原文证据摘录

Entra ASA (ENTRA.OL): Weak operations, we forecast ICR to fall <2x in 2027; reiterate Sell

Equity Research

17 July 2026 | 5:55PM BST

(ENTRA.OL)Entra ASA

Weak operations, we forecast ICR to fall <2x in 2027; reiterate Sell

ENTRA.OL 12m Price Target: Nkr96.00 Price: Nkr104.60 Downside: 8.2% SELL

Jonathan Kownator

We update our estimates post Entra’s 1H26 results. Our 2026-30 +44(20)7051-2974 | jonathan.kownator@gs.com

Goldman Sachs International

EPS estimates change by -4% to +0% as we adjust vacancy

Kuber Sood, CFAassumptions based on management commentary on a near-term +1(332)245-7812 | kuber.sood@gs.com

increase in vacancy and our cost of debt assumptions. Our Goldman Sachs India SPL

12-month EVA®-based price target is unchanged at Nkr96 with our Rebecca+44(20)7051-6646Parker| rebecca.x.parker@gs.com

lower EPS estimates being offset by slightly higher reported passing Goldman Sachs International

rent vs our forecasts at 1H26, implying 8% downside. We maintain

Key Data _____________________________________our Sell rating and highlight three key points:

Market cap: Nkr19.0bn / $2.0bn

Enterprise value: Nkr53.1bn / $5.5bn

1) A weak operational trajectory: We see continued headwinds for 3m ADTV: Nkr17.9mn / $1.9mn

Entra’s operational performance from: (i) a subdued macro context Europe RealNorwayEstate

in Norway, with our economists expecting real GDP growth of M&A Rank: 3 Leases incl. in net debt & EV?: No

1.2%/1.8% in FY26/27; (ii) stagnant rental income levels in the GS Forecast __________________________________

coming quarters; (iii) management commentary on a near-term 12/25 12/26E 12/27E 12/28E

expected increase in vacancy. As a result, we forecast vacancy to RevenueRevenue (Nkr(Nkrmn)mn)OldNew 3,098.43,098.4 3,158.53,134.1 3,197.43,191.2 3,251.53,291.8