Aker BP (Buy, TP: NOK320.00) - Looking beyond Q2 to bright future
We are 2% below consensus on Q2e EBITDA (results due at 07:00 CET on 12 July) on slightly higher expenses. We do not expect the guidance to be updated with the results. We have lowered our target price to NOK320 (330) after updating our NAV for FX and lower oil and gas prices, but with the stock trading at a P/NAV of 1x, we reiterate our BUY.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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