Aker Horizons (Hold, TP: NOK33.00) - Parent preferred
In its short lifetime, Aker Horizons has been very active, having expanded its investment portfolio to seven holdings. However, the market is eager for more, and with the shares trading at a 24% premium to reported NAV versus Aker ASA at a 23% discount, we prefer Aker ASA over Aker Horizons. Following a derating of the Mainstream Renewable Power (MRP) peer group, we have cut our target price to NOK33 (40) and downgraded to HOLD (BUY).
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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