Aker ASA (Buy, TP: NOK870.00) - Cognite development to watch
Aker ASA reported end-Q4 NAV of NOK939/share, in line with our estimate, and representing a NAV discount of 12% at end-Q4, down from 27% at end-Q3, while we estimate a NAV discount at 15% today. Aker gave few new details on its portfolio companies, but we note that Cognite had a quarter with a slowdown in revenue growth and increasing EBITDA losses with the company positioning for future contract wins. The proposed dividend of NOK14.5/share (3.1% annualised yield on NAV) was somewhat below our estimate, but still within the company’s targeted 2–4% dividend yield on 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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