Wilh. Wilhelmsen Holding (Buy, TP: NOK184.00) - 50% discount to market value
The stock is trading at a 50% discount to our fair market value SOTP, and the operations have in our view delivered relatively stable results through the market turbulence so far, with WMS affected most by the lower activity, especially within cruise. We believe the unrealised value in the company’s holdings is far from reflected in the current share price, and, following a change of analyst, we reiterate our BUY, but have cut our target price to NOK184 (193).
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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