Aker BP (Buy, TP: NOK292.00) - Slightly soft Q3e production
We are 9% below consensus on Q3e EBITDA (results due at 07:00 CET on 22 October). Our lower estimates are due to a slightly softer ramp-up at Valhall after the June maintenance work at the export facility and one-off costs due to Alvheim riser issues. We believe investors will overlook this and with strong production growth, an attractive dividend outlook, and a P/NAV below 1x, we maintain 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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