Aker BP (Buy, TP: NOK440.00) - Risking Wisting
Industry news suggests the Wisting development could be put on hold or cancelled due to challenging economics and technical uncertainties. Our project NAV would drop c40% to NOK5.4/share if the PDO were to slip beyond 2022 with no temporary tax benefits. Despite a marginal negative impact on our total Aker BP NAV, we believe improved near-term cash flows and lower cost-inflation exposure would be welcomed by investors should the development be cancelled in full.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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