Aker ASA currently offers an attractive 30% discount to NAV. If that is not enough, we argue it is prudent to add some excess value to Aker BioMarine, Cognite and Aker Energy’s book values; this take the discount to 41%. To illustrate its current attractiveness, its ownership in AkerBP is valued 16% above Aker’s current share price. And finally, if you share our view of the listed portfolio companies, the discount becomes a staggering 54%. This is a hedgeable Buy. Please see page two for six g ....
