Wilh. Wilhelmsen Holding (Buy, TP: NOK455.00) - Strong Q1; still ~50% discount
Q1 was strong, prompting us to raise our top-line and EBITDA forecasts, but the positives were more than offset by lower expectations for Wallenius Wilhelmsen. Despite the main shareholdings taking a hit, the stock remains ~50% below our current SOTP, signalling considerable value potential in our view. Pressure has been building for initiatives to close the value gap; in the meantime we like its exposure to car carriers, attractive valuation, and tailwinds for its core business. We reiterate our BUY and NOK455 target price.
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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