Report
Nicolay Dyvik
EUR 91.69 For Business Accounts Only

Wilh. Wilhelmsen Holding (Buy, TP: NOK232.00) - Do not expect changes to structure

We reiterate our BUY and have raised our target price to NOK232 (202) following our upgrade to BUY (HOLD) on 2 January of 38%-owned Wallenius Wilhelmsen (WALWIL). We do not expect any changes to the company structure near-term following the recent board changes, and with the combination of Glovis trading at a 10-year low P/E and P/B, and HMG providing volume visibility amid global light vehicle sales under pressure, we believe further divestments are unlikely near-term.
Underlying
Wilhelm Wilhelmsen Holding

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Nicolay Dyvik

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