Aker BP (Buy, TP: NOK292.00) - Ahead of Q3 report
We have cut our estimates to reflect the slightly soft production update on 14 October, as well as the USD80m impairment to be booked in Q3. We forecast Q3 EBITDA of USD481m, in line with consensus (results due at 07:00 CET on 22 October). We see some downside risk to the 2019 guidance, although this is largely dependent on the Sverdrup ramp-up; hence, our base case is that Aker BP will wait before changing its guidance. We reiterate our BUY and NOK292 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.
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