Aker BP (Buy, TP: NOK390.00) - Strong finish to the year
The trading update showed Q4 production of 432kboed, above our estimate and consensus, implying production above guidance for H2. With limited impact from Johan Sverdrup phase 2 during Q4, we highlight the strong production from Aker BP’s entire portfolio heading into 2023. We have only slightly adjusted our Q4e EBITDA. However, we have included a non-cash impairment of USD600m–700m related to Wisting in Q4, and higher depreciation on accounting technicalities for 2023 and onwards, which has reduced our 2023–2024e EPS by 2–3%. We reiterate our BUY and NOK390 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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