Aker BP (Buy, TP: NOK200.00) - Another opportunity to shine
After the last oil price war from November 2014, Aker BP far outperformed its peers, fuelled by M&A. With a supportive and pragmatic main shareholder, we find Aker BP in a compelling position. With the drop in oil price, we see leverage increasing. However, with the recent bond issue, we estimate sufficient cash to pay DPS through 2022 and balance sheet flexibility if DPS is reduced. We have cut our target price to NOK200 (292) on the lower oil price, while we maintain our BUY.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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