Aker BP (Buy, TP: NOK330.00) - P/NAV now at an attractive level
With the share price down 20% since 23 April, the stock is once again below our estimated NAV. Historically, this has served as an attractive entry point and we have thus upgraded the stock to BUY (HOLD) with our NOK330 target price unchanged. In 2018, the average P/NAV was 1.25x. We consider our upgrade a valuation call, and believe investors should use the recent share price decline to revisit Aker BP.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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