Board has yet to decide
We reiterate our view from our Q2 update that multiples expansion is what would continue to drive the stock higher as earnings growth could take time to build. Our main take from the CMD is that WWL would like to grow in Landbased, but the board has yet to decide where and how to invest. Higher investment in Landbased would make us believe that dividends could end up at the lower end of the range. The auto segment was not mentioned in much detail, apart from illustrating the numerous uncertainties the industry is facing from new trends. The CEO is more optimistic on mining recovery now than post Q2. We see more upside in WW Holding than WWL as we believe WW Holding is set to repeat some of the same shareholder friendly moves made with success at WWL.
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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