WALLENIUS WILHELMSEN LOGISTICS

Volf
WWL
08.12.2017 kl 08:56
5678

WALLENIUS WILHELMSEN LOGISTICS From conservative to investment WWL just announced the acquisition of Keen Transport, operating High & Heavy Equipment processing centres in the US, expanding the landbased annual EBITDA by 10% at an attractive earnings multiple of 6.4x. WWL says it is a unique opportunity to capitalize on the improving fundamentals in the mining and construction sector in the US, which in our view is a more upbeat commentary on the H&H outlook than recent guidance.
Expanding in land-based at 6.4x EBITDA. WWL just announced that it has signed an agreement to acquire 100% of Keen Transport for an equity value of USD64m (debt-free basis), which yields a 6.4x multiple based on the company’s USD10m EBITDA for 2016. Keen Transport reported revenues of USD82m in 2016 resulting in a 12% EBITDA margin, which compares to WWL’s land-based EBITDA margin YTD of 12.8%, hence we find the EV/EBITDA multiple attractive at 6.4x. The acquisition would expand land-based EBITDA by 10%.
Increases footprint to capitalize on improving fundamentals in H&H. Keen operates 14 High and Heavy Equipment Processing Centers and specialty trucking entity in the US, and WWL says that it would become the clear market leader in the US High & Heavy Equipment processing space, positioning the company for forecast growth in this segment. The increased footprint represents a unique opportunity to capitalize on the improving fundamentals in the mining and construction sector in the US, according to WWL.
From being conservative to investing for growth. WWL’s share price rise post Q3 in November had only been seen twice in the past, showing the gap between earnings capacity at a cycle low and market expectations. The main feedback and our impression post Q2 in August was that the CEO’s guidance on H&H was too conservative; thus, the company now putting money on the table and positioning itself for increased land-based traffic on the H&H side is a positive signal. It has been widely communicated that growth would take place in land-based over Ocean, but we were positively surprised that the growth came first in H&H, which should also have a positive read across to the company’s seaborne H&H outlook.
BUY TP: NOK67.0
WWL versus OSEBX (12m)

Source: Factset




EQUITY RESEARCH 7 December 2017 Research report prepared by DNB Markets, a division of DNB Bank ASA Industrials Bulletin This report was completed and disseminated at 15:31 CET on 07 December 2017

co94
16.05.2018 kl 09:24
1084

Trodde ikke vi skulle ned så lavt igjen. Gir i hvert fall ikke bort aksjer på dette nivået. Reprising snart.
tradingstock
16.05.2018 kl 11:53
1037

Stop loss raid nå. Siste kjøpe foretatt nå.
specc
16.05.2018 kl 13:11
20

Dette innlegget har blitt slettet
specc
16.05.2018 kl 13:28
970

Buy when there is blood in the streets
co94
16.05.2018 kl 14:26
928

Bomma dessverre litt med inngang men skal nok kraftig opp fra nå.
Redigert 16.05.2018 kl 14:26 Du må logge inn for å svare
specc
16.05.2018 kl 16:33
891

"skal nok opp kraftig fra nå av"

hvordan kan du være så sikker? Kanskje den skal ned til 40 og så 20 igjen? Den ligger utfor et stup. Dette kan gå virkelig gale.
jaroas50
18.05.2018 kl 12:12
778

Er ikke denne solgt ferdig snart ? Virker jo utømmelig rundt 43. RSI langt under 20
specc
18.05.2018 kl 15:09
700

Vi ser grønnt på mandag.
co94
18.05.2018 kl 15:50
674

Billig inngang nå...
specc
18.05.2018 kl 16:52
637

Enten er en aksje i 0 eller i 100. Denne er i 0.

PE - 19.03
PB - 0.88

Jeg selger på en PB på 1.8 - 1.9. Fra denne balanserte bunnen, ser jeg for meg en formidabel oppside på 50-70 % fra herav. 1-2 måneder horisont.