Unjustified discount when WAWI’s this hot

The Godfather
WWI 03.11.2022 kl 07:57 311

Pareto er ute med en update på WWI;

Wilh. Wilhelmsen Holding - Unjustified discount when WAWI’s this hot

Stable underlying operations from WWI with FX impacting reported figures. Homerun from WAWI explains the EPS beat, and our raised estimates. P/NAV 0.45x in WWI compares to 0.55x on average since 2013 and 0.7x the last time WAWI was ‘hot’ (2017 – 18). This would imply NOK 310/sh and NOK 395/sh in WWI, the latter equals our new TP and we reiterate our BUY recommendation.