Aker BP (Buy, TP: NOK325.00) - Sustainably growing dividends
With Johan Sverdrup plateau production set to decline earlier than expected (late-2024 or early-2025), Aker BP reduced its production guidance, on which we have lowered our 2024–2026e by ~4%. However, our 2024e production of 434kboed is at the higher-end of the 410–440kboed guidance, as we still find the guidance conservative. We reiterate our BUY but have cut our target price to NOK325 (335) on reduced estimates.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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