Wilh. Wilhelmsen Holding (Buy, TP: NOK279.00) - No Q3 surprise; 50% discount
Car shipping remains the main exposure for WWI shareholders, and at our WAWI target price, the WAWI holdings would, all else equal, lift the WWI share price to NOK220. However, market-listed assets at full value leave the attractive private business units not priced in. This translates into compelling value in our view, as WWI stock is trading at 50% of its SOTP. We reiterate our BUY and have raised our target price to NOK279.
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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