Aker Solutions (Buy, TP: NOK60.00) - Set to benefit from increased activity
Following the upped guidance in Q1, we have raised our 2019–2020e EBITDA by an average of 4%, prompting us to also raise our DCF- and multiples-based target price to NOK60 (57). We expect activity to pick up on both the NCS and internationally, and view Aker Solutions as well placed for potential near-term awards. Limited optionality of a market recovery is reflected in the share price in our view, and we reiterate BUY.Akastor is a provider of products, systems and services to the oil and gas industry. Co. has three reportable segments: Engineering Solutions, which provides concept and front-end studies to oil companies; Product Solutions, which delivers oilfield products for the entire upstream value chain, from reservoir through processing and also includes Subsea, Drilling, Umbilicals and Process Systems; and Field-Life Solutions, which provides a range of services to increase oil and gas recovery from existing fields and extend the operating life of field assets. This segment also consists of two business areas: Maintenance, Modifications and Operations and Oilfield Services and Marine Assets.
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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