Aker BP ASA (Buy, TP: NOK312.00) - Q4 with few surprises
Aker BP delivered lower than expected reported EBITDA, mainly due to a valuation effect on the underlift balance. Adjusted EBITDA was below our expectation by 5% and consensus by 6% on slightly higher production cost. We have made only smaller estimate revisions, as we consider the Q4 report rather uneventful given the recent introduction of 2019 guidance at the CMD. We believe the 2019e yield of 6.3%, and growing DPS, offers an attractive investment case; BUY and NOK312 target reiterated.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.