Wilh. Wilhelmsen Holding (Buy, TP: NOK455.00) - A freak wave of cash flow
The proposed NOK10 DPS for 2022 deviates from an expected ~NOK36/share free cash flow for 2023, which in our view signals an appetite for growth after a decade of limited cash flow from its main investment. With an attractively placed asset base to scale for growth, we see the core issue as a substantial discount to its SOTP. Hoarding cash will hardly help, and we have cut our target price to NOK455 (462), while we reiterate our BUY.
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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