Wilh. Wilhelmsen Holding Minor model adjustments
We have updated our estimates, owing to the Q1 report and our forecast revisions for Wallenius Wilhelmsen (WAWI). We still find the WAWI investment more than covers WWI’s current share price (112% of its market cap), and believe WAWI is sufficiently overcapitalised to propose up to NOK25/share in an extraordinary dividend on top of the ‘normal’ NOK10/share we expect in Q2. If so, WWI would be set to receive an impressive dividend equal to 33% of its market cap (NOK128/share). We do not consider these changes to be material, and we have not changed our BUY recommendation. We have raised our target price from NOK555 to NOK575.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.