Aker Solutions (Hold, TP: NOK36.00) - Solid Q4 not enough
We forecast Q4 adj. EBITDA of NOK441m, slightly ahead of consensus at NOK419m. Given the recent contract wins, we expect supportive management comments. However, we believe that a majority of these awards were included in the guidance, and with 74% coverage for 2018e we forecast unchanged guidance. While waiting on the Brazil awards, we are muted on contract wins for H2 2018, and maintain HOLD, while we have raised our target price to NOK36 (34).Akastor is a provider of products, systems and services to the oil and gas industry. Co. has three reportable segments: Engineering Solutions, which provides concept and front-end studies to oil companies; Product Solutions, which delivers oilfield products for the entire upstream value chain, from reservoir through processing and also includes Subsea, Drilling, Umbilicals and Process Systems; and Field-Life Solutions, which provides a range of services to increase oil and gas recovery from existing fields and extend the operating life of field assets. This segment also consists of two business areas: Maintenance, Modifications and Operations and Oilfield Services and Marine Assets.
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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