Wilh. Wilhelmsen Holding (Buy, TP: NOK525.00) - Set to receive ample distributions
We believe the company is set to receive ample cash distributions from its Wallenius Wilhelmsen stake, in addition to other cash flow, which accounts for 73% of its current market cap by end-2027e. Hence, we see highly attractive value in the stock, as we expect a tightening valuation gap given it does not make sense to us to apply the ~50% discount on a building cash pile. We reiterate our BUY, but have cut our target price to NOK525 (605) on our updated value of its holdings.
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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