Aker BP (Buy, TP: NOK345.00) - Q3e in line with consensus
We forecast Q3 production of 454kboed versus the company-compiled consensus of 451kboed (Q3 production update due 5 October at c07:00 CET). Our estimate represents a meaningful drop from 481kboed in Q2, driven by scheduled maintenance at several key facilities in August and September. Once completed, we expect Q4 production to be more on a par with Q2. Our Q3 revenue estimate is in line with consensus, while our EBITDA is 2% above. Unit costs should have remained low in Q3, helped by the still-weak NOK versus USD. We have made limited estimate changes and reiterate our BUY and NOK345 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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