Aker BP (Hold, TP: NOK300.00) - A high price paid to add barrels
Aker BP’s acquisition of Lundin Energy’s oil and gas business will make the company the no.3 NCS producer, and the complementary cash flow profiles offer a strategically sound combination, in our view. However, limited synergies and upside to Lundin’s portfolio, as well as a high transaction value have led us to lower our Aker BP NAV to NOK228/share. We have cut our target price to NOK300 (350) and reiterate our HOLD.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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