Aker BP (Buy, TP: NOK225.00) - 6-year high NAV discount of 37%
Aker BP is set to report Q3 production figures towards the end of next week. Given curtailments, we see low consensus production variation, with realised prices the main uncertainty. We are neutral on the Q3 results (due at 07:00 CET on 29 October), despite being just below consensus. Aker BP remains our top E&P pick, with a 6-year high NAV discount of 37%. We reiterate our BUY and NOK225 target price.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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