Wallenius Wilhelmsen Logistics (Hold, TP: NOK65.00) - Unfavourable Q1 risk/reward
We reiterate our HOLD recommendation and NOK65 target price and we see unfavourable risk/reward ahead of Q1 with our net profit forecast being 30% below consensus. Caterpillar reported strong mining sales, but there are other headwinds, which consensus does not fully reflect, in our view.
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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