Aker BP ASA (Hold, TP: NOK303.00) - In line on Q2e EBITDA
We are in line with consensus EBITDA for Q2e (results due at 07:00 CET on 13 July), and see positive risk to the 2018 capex and dividend guidance. We have raised our target price to NOK303 (280), as we now base our dividend yield target on a mix of 2019–2020e DPS. However, we reiterate our HOLD as we believe the stock looks fairly valued on DCF, overvalued on NAV and still fairly attractive on long-term dividend yield.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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