Aker BP (Buy, TP: NOK390.00) - Full throttle
Aker BP recently submitted ten PDOs for projects totalling cUSD19bn in capex for 2023–2028 with c730mmboe of resources. We now estimate 2023–2028 capex (including existing projects and maintenance capex) of cUSD23bn, c35% higher than the cUSD17bn guided in mid-2022. With >90% of the capex covered by the temporary tax regime, the effect on the valuation should be modest. Even so, we have cut our target price to NOK390 (420) also due to our reduced 2023e oil price assumption of USD95/bbl (105).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.