Aker ASA (Buy, TP: NOK870.00) - Value in disguise
Despite the shares gaining 85% in the past year, Aker’s NAV discount has gone from 3% to 23%, and at current levels, it is our top pick among the listed Aker group entities we cover. We reiterate our BUY, with an attractive NAV discount despite being a solid NAV compounder, and prospects of compelling news flow on unlisted assets. We have raised our target price to NOK870 (775) based on our expectations of the NAV discount narrowing and our positive outlook for its unlisted assets, while we see more moderate potential for its listed assets.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.
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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