Worked once, could work twice

We reiterate our BUY recommendation on WWI and have raised our target price to NOK315 (313). WWL traded at 0.35x P/B in 2015, well below the current 1.1x, showing WW Group’s success in using stock market tools to increase investor appetite. We believe WMS could ship out to Treasure ASA if Glovis is sold and paid out as a one-off dividend. WW Holding is trading at 0.6x our SOTP.