Aker BP (Buy, TP: NOK335.00) - Like clockwork
Following the solid production update earlier this month, Aker BP reported an equally strong Q2 in our view, with EBITDA 6% above our estimate on reduced costs. Lower power prices and favourable currency effects should help keep costs down and we also see downside risk to capex levels. Overall, Aker BP remains our top pick among the large-cap E&Ps, with a double-digit FCF yield during the capex-intensive years 2023–2025e, along with a sustainably growing dividend already yielding over 8%. We reiterate our BUY and NOK335 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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