Wilh. Wilhelmsen Holding (Buy, TP: NOK323.00) - Margins need to improve first
We reiterate our BUY recommendation on WW Holding and have raised our target price to NOK323 (NOK315). We believe WMS could ship out to Treasure ASA if Glovis is sold and paid out as a one-off dividend; however, first we need to see WMS’ EBIT margins improve post a successful restructuring. In our view the past two quarters’ average WMS EBIT margin of 8.6% is a good bridge into 2018e, when we expect margins to expand to 11%.
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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