Wilh. Wilhelmsen Holding Minor model adjustments
We have updated our estimates following the Q3 report. The stock is still trading at a significant discount to underlying value in the company; however, recent events have shown it is willing to address this (e.g. through buybacks), as cash flow continues to compound, lending solid support to the investment case, in our view. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have raised our target price from NOK620 to NOK650.
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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