Wilh. Wilhelmsen Holding (Buy, TP: NOK392.00) - Look under the bonnet
Q2 saw an ongoing recovery across business segments, and we continue to find Maritime Services and New Energy well placed to benefit from ongoing momentum in their sectors. WAWI’s market cap has dropped 22% in recent days, but we expect a meaningful rebound once investor sentiment realigns with the fundamental outlook and valuation, leaving considerable upside potential for WWI shareholders. We reiterate our BUY but have lowered our target price to NOK392 (408).
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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