Aker BP ASA (Hold, TP: NOK273.00) - P/NAV scales new heights; HOLD
We have raised our target price to NOK273 (251) primarily given the weakening NOK/USD, but purely on valuation, with a record-high P/NAV of 129%, and the shares up 31% YTD while oil prices are up 7%, we have downgraded Aker BP to HOLD (BUY). Going into the Q1 results (due at 07.00 CET on 7 May), we are 7% above consensus on EBITDA. The production numbers were pre-published, and we expect no change to the guidance.Aker BP ASA engages in the exploration, development, and production of petroleum resources on the Norwegian Shelf. In addition, Co. has a separate Johan Sverdrup business unit to manage its interest.
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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