Aker BP (Buy, TP: NOK370.00) - Strong operating outlook
The Q1 results were in line with our expectations, and we have made limited estimate changes following the report. We see strong prospects for QOQ production growth in Q2, supported by a reversal of Q1 downtime at Edvard Grieg & Ivar Aasen and an increased contribution from the Johan Sverdrup phase 2 ramp-up. At a P/NAV of 0.9x and a dividend yield of 9%, and given strong long-term prospects for value creation, we continue to see an attractive investment case. We 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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