Aker (Buy, TP: NOK661.00) - Attractive NAV upside potential
We have trimmed our target price to NOK661 (689) but continue to find the value proposition in Aker attractive and maintain our BUY. We still find solid NAV support in its listed industrial holdings, but see meaningful upside potential from its exposure to Aker Energy and Cognite. Our current base-case NAV of NOK677/share implies a 28% NAV discount, which we find excessive, and our target prices on Aker’s listed assets imply 30% potential upside to its NAV.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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