Aker Solutions (Hold, TP: NOK54.00) - 2019 guidance set to be in focus
We are in line with consensus for the Q3 results due on 24 October at 07:00 CET; we forecast adj. EBITDA of NOK452m. We see a book-to-bill above 1x for the quarter, but expect focus to be on the guidance for 2019, where consensus is for 7% YOY revenue growth and 0.2%-points EBITDA margin growth. With the stock trading at an 8.4x 2-year forward EV/EBITDA, we keep our HOLD recommendation and target price of NOK54.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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