Aker BP (Buy, TP: NOK280.00) - Improving Sverdrup sentiment
We consider the underlying Q3 results in line, with a solid FCF beat helped by working capital release. Due to solid performance from the drilled wells put into production at Johan Sverdrup YTD, the field is now likely to produce at plateau “well into 2025” (previously “early 2025”). We believe Aker BP could benefit from operational tailwinds into 2025, with consensus possibly underestimating the production potential. We reiterate our BUY and NOK280 target price.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.