Wilh. Wilhelmsen Holding (Buy, TP: NOK323.00) - Likely to walk away from Drew
Trading at 0.55x our SOTP, we find the stock attractive; hence we reiterate our BUY and NOK323 target price ahead of the Q1 results, due 8 May at 20.00 CET. We are in line with consensus at USD11m EBIT. We believe that in Q2, once it has received more background on the FTC complaint, Wilh. Wilhelmsen will announce that it has decided to walk away from the Drew acquisition.
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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