Aker Horizons (Hold, TP: NOK33.00) - Building up its green legs
The end-Q3 reported NAV of NOK16.1bn was broadly in line with our estimate of NOK16.2bn. The company announced a new business development aim for battery production in Narvik (northern Norway), and we note the market has been willing to price up start-ups in this space. However, this should be reflected in the NOK4bn premium to NAV the stock is trading at. Aker Horizons continues to work on funding opportunities, and said it was in advanced discussions with an anchor investor for an infrastructure fund that could be a funding source for future projects in its portfolio companies.
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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