Aker BP (Buy, TP: NOK370.00) - On track for guidance beat
While Q1 production fell short of our expectation due to extended downtime at Edvard Grieg and Ivar Aasen, we have made limited changes to our 2023 production estimate, which remains above the guidance. We see strong prospects for QOQ production growth in Q2 supported by a reversal of Q1 downtime and the Johan Sverdrup phase 2 ramp-up. Trading at a P/NAV of 0.9x and with a dividend yield of 9% and strong long-term prospects for value creation, we still find the investment case attractive and reiterate our BUY and NOK370 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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