Aker Horizons (Buy, TP: NOK57.00) - The future value-creation enabler
We consider Aker Horizons a key enabler of Aker ASA’s stated ambition to invest NOK100bn+ in clean tech and renewables by 2025. Near-term, we see the upcoming announcement of Aker Horizons’ hydrogen plan and the recently acquired Mainstream building a track record in the capital markets as important for further value uplift. We initiate coverage of Aker Horizons with a BUY and NOK57 target, which is based on a 60% premium to our fair value to account for the sponsor’s solid NAV growth track record and the future value creation opportunities in renewables and clean tech for Aker Horizons.
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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