Aker is an industrial investment company that exercises active ownership. Co. organizes its business activities in two segments: Industrial holdings and Financial investments. The industrial holdings comprise Co.'s ownership interests in Aker Solutions ASA, Kvaerner ASA, Det norske oljeselskap ASA, Ocean Yield ASA, Aker BioMarine ASA and Havfisk ASA. The financial investments comprise cash, real estate, investments in funds and other financial assets of Co. and holding companies, with the exception of industrial equity investments. Co.'s ownership interests are concentrated in the oil and gas, fisheries/marine biotechnology, maritime assets and finance sectors.
  • TickerAKER
  • ISINNO0010234552
  • ExchangeOslo Bors
  • SectorFinancial Services
  • CountryNorway
Martin Huseby Karlsen

Soft Petrobras capex guidance

Petrobras provided an updated E&P spending outlook following Covid-19; for 2021–2025e, it sees total E&P spending at USD40bn–50bn, down 30% from the previous 5-year plan (2020–2024). While providing no guidance by year, the plan suggests annual spending in the range of USD8bn–10bn on average, implying limited upside potential to forward spending versus recent years. While exploration guidance also has been lowered versus last year, Petrobras still plans to spend a decent amount on exploration in our view, and we also highlight that its development focus on pre-salt has further increased. We co...

An unfavourable environment weighs on AKER, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of AKER (NO), active in the Asset Managers industry. As regards its fundamental valuation, the title still shows 3 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date August 28, 2020, the closing price was NOK 405.80 and its target price was estimated at NOK 270.36.

Martin Huseby Karlsen

Fossil fade

In mid-August, Valaris announced it had entered into a Restructuring Support Agreement (RSA) and Backstop Commitment Agreement (BCA) with approximately 50% of its noteholders to undergo a financial restructuring, and voluntarily filed for Chapter 11.

Martin Huseby Karlsen

Huge Petrobras development, but limited services need

Huge Petrobras development, but limited services need Petrobras has again highlighted the bright future of the Buzios field, part of the ‘transfer of rights area’, looking to add eight new FPSOs. From an oil service perspective, we welcome new developments but at the same time, we consider the oil service intensity for this development to be low. Wells are highly productive (40k–50k barrels/d per well), resulting in a need for few wells, which is the main demand driver for rig and subsea services. We estimate a need for 3–4 UDW rigs (largely flat compared to recent years), and that lo...

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Big Picture: Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index... see chart below. In today's report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities right here, right now. Note: This is part one of a two-part series, where we focus on actionable stocks within the Services, Consumer Discretionary, Consumer Staples, Energy, and Financials Sectors. We will focus on the remaining Sectors in next week's report. For your reference we include a table o...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook (at best)... see page 2. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today's report we highlight actionable country- and Sector-specific themes: • Norway and India are leadership. Norway's Oslo OBX and India's SENSEX remain global leaders. Overweight these markets... see below and page 3 for overviews and actionable country-specific stocks. • Aus...

Aker ASA: 2 directors bought/maiden bought

Two Directors at Aker ASA bought/maiden bought 1,500 shares at between 230.200NOK and 238.600NOK. The significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under li...

Martin Huseby Karlsen

Soft Petrobras capex guidance

Petrobras provided an updated E&P spending outlook following Covid-19; for 2021–2025e, it sees total E&P spending at USD40bn–50bn, down 30% from the previous 5-year plan (2020–2024). While providing no guidance by year, the plan suggests annual spending in the range of USD8bn–10bn on average, implying limited upside potential to forward spending versus recent years. While exploration guidance also has been lowered versus last year, Petrobras still plans to spend a decent amount on exploration in our view, and we also highlight that its development focus on pre-salt has further increased. We co...

Martin Huseby Karlsen

Fossil fade

In mid-August, Valaris announced it had entered into a Restructuring Support Agreement (RSA) and Backstop Commitment Agreement (BCA) with approximately 50% of its noteholders to undergo a financial restructuring, and voluntarily filed for Chapter 11.

Martin Huseby Karlsen

Huge Petrobras development, but limited services need

Huge Petrobras development, but limited services need Petrobras has again highlighted the bright future of the Buzios field, part of the ‘transfer of rights area’, looking to add eight new FPSOs. From an oil service perspective, we welcome new developments but at the same time, we consider the oil service intensity for this development to be low. Wells are highly productive (40k–50k barrels/d per well), resulting in a need for few wells, which is the main demand driver for rig and subsea services. We estimate a need for 3–4 UDW rigs (largely flat compared to recent years), and that lo...

Jon Masdal

Aker (Buy, TP: NOK420.00) - Ticking a new box on our wish list

Aker reported an end-Q2 NAV of ~NOK34.3bn, up more than 40% sequentially, as expected, driven primarily by Aker BP in addition to the listing of Aker BioMarine. Having been mainly focused on oil and gas, Aker has now increased its renewables efforts, with the creation of Aker Horizons, focused on wind and carbon capture, a new strategic direction in its legacy oil service exposure, and further growth ambitions in renewables.

Jon Masdal

Aker (Buy, TP: NOK420.00) - Comeback quarter

Aker made a strong comeback in Q2, with its NAV up 40% QOQ on our estimates. Most important, however, was the re-rating of Aker BP, where we continue to see 24% potential upside, and the listing of Aker BioMarine at 60% above its book value. We have raised our target price to NOK420 (325), representing a 10% discount to our NAV (previously 15%). We reiterate our BUY.

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Jon Masdal ...
  • Nicolai Farstad Olsen
  • Ole-Andreas Krohn

Northern Lights

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jesper Ingildsen
  • Jimi Lehtonen
  • Jon Berggren
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

An unfavourable environment weighs on AKER, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of AKER (NO), active in the Asset Managers industry. As regards its fundamental valuation, the title still shows 3 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date August 28, 2020, the closing price was NOK 405.80 and its target price was estimated at NOK 270.36.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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