Aker (Buy, TP: NOK445.00) - Record low NAV discount justified
With Aker BP down 17% QOQ, we estimate Aker’s NAV was down by 10% in Q3, despite a positive contribution from the renewable spin-offs. We estimate Aker is currently trading at an 8% discount to current reported NAV (versus 15–35% historically), in our view justified by a Cognite valuation well above book value. We reiterate our BUY and NOK445 target price.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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