Aker BP ASA (Hold, TP: NOK303.00) - Q2 on the soft side
Aker BP reported Q2 EBITDA 5% below consensus and 4% below our estimate, due to soft revenues and high exploration costs. Operating cash flow was 2% below consensus, and net debt was in line with consensus. The expex guidance was raised to USD425m (USD350m), while abex was lowered to USD250m (USD350m). The company reiterated its dividend ambitions of a USD100m/year increase up to 2021. We expect neutral consensus revisions post Q2, but a slightly negative (0–2%) share price reaction. Conference call due at 08:30 CET (www.akerbp.com).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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