Wilh. Wilhelmsen Holding (Buy, TP: NOK407.86) - Underlying value to materialise
We are positive on the car shipping outlook due to limited fleet growth and greater High & Heavy volumes, which should benefit WWI’s underlying holdings. In our view, this represents considerable upside potential to our current SOTP valuation, should WAWI achieve our target price. Maritime Services has seen good activity levels with a faster recovery, and we still see upside potential on further activity levels. We reiterate our BUY and have raised our target price to NOK408 (346).
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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