Wilh. Wilhelmsen Holding (Buy, TP: NOK605.00) - Poised for re-rating
While underlying operations softened (Wilhelmsen Maritime Services (WMS) missed our Q4 estimates, partly offset by ongoing strength in New Energy), our focus remains on future cash flow from the Wallenius Wilhelmsen (WAWI) stake in the coming years. Its rapidly declining NIBD could in our view pave the way for more buybacks to address the material discount. We reiterate our BUY, but have cut our target price to NOK605 (650).
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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