Wilh. Wilhelmsen Holding (Buy, TP: NOK269.00) - Listed shareholdings driving price
We reiterate our BUY but have lowered our target price to NOK269 (NOK273) based on a 30% discount to our new SOTP of NOK384, which includes our NOK50 target price for WALWIL. Our SOTP is NOK319. The 44% discount to our SOTP has not changed in the past six months, and the NOK86 reduction in our SOTP in the same period can be explained by a fall in the value of the company’s shareholdings.
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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