Wallenius Wilhelmsen Logistics (Hold, TP: NOK46.00) - Civil claims to result in lower rates
We reiterate our HOLD recommendation, while we have cut our target price to NOK46 (down from NOK65). When the stock market has no visibility on next quarter’s earnings, we argue a mid-cycle valuation (USD680m EBITDA for Ocean) is premature. We fear civil antitrust claims would result in lower freight rates.
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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