Wilh. Wilhelmsen Holding (Buy, TP: NOK243.00) - 46% SOTP discount
The Q1 report was broadly in line with our expectations, and we have made only minor estimate changes other than incorporating the new reporting structure introducing New Energy. We continue to see substantial discounts to our underlying SOTP valuation, and believe the company is addressing the issue by establishing the new divisions and laying the foundation for future growth in both its operating segments. We reiterate our BUY and have raised our target price to NOK243 (NOK235).
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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