Wallenius Wilhelmsen Logistics (Hold, TP: NOK65.00) - President Trump to tax EU cars?
President Trump tweeted on 3 March about a potential “tax on European cars which freely pour into the USâ€. If this were to happen, we believe it would be a significant negative for Wallenius Wilhelmsen Logistics (WWL), as the company’s shipments from the EU to North America account for 18% of its volumes. We downgraded WWL to HOLD on 19 February, after its Q4 results, believing that the “risks are skewed towards the downsideâ€.
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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