Aker BP (Hold, TP: NOK250.00) - 2021 central for long-term growth, but fewer triggers for investors
We continue to like Aker BP’s long-term growth outlook and favourable position, after the tax incentives in Norway. However, after a 68% rally since November, we consider it time for a breather and have downgraded to HOLD (BUY), with our NOK250 (225) target price reflecting a 2022e P/E of 16.4x.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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