Aker BP ASA (Hold, TP: NOK273.00) - Q1: In line with consensus
Aker BP reported Q1 EBITDA in line with consensus, but 6% below our estimate. Operating cash flow was 1% above consensus, and net debt was 3% below consensus. The company reiterates its 2018 guidance, and its dividend ambitions of an USD100m/year increase up to 2021. We expect small positive consensus revisions post Q1 due to lower depreciation costs, and a neutral share price reaction as Q1 was largely in line with consensus. Conference call due to start at 08:30 CET (www.akerbp.com).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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