Aker ASA trades at a 19% discount to NAV, which only reflects conservative book values for Aker BioMarine, Cognite and Aker Energy. We argue it is prudent to add some excess value to these, and by doing this, the discount increases to 32%. Furthermore, Aker’s market capitalization currently only reflects its holdings in AkerBP, implying you get the rest for free. Buy reiterated, NOK 502 (514) target reflects 20% discount to our portfolio company targets.
03 Jun 2020
Attractive exposure to AkerBP, rest for free
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Attractive exposure to AkerBP, rest for free
Aker ASA trades at a 19% discount to NAV, which only reflects conservative book values for Aker BioMarine, Cognite and Aker Energy. We argue it is prudent to add some excess value to these, and by doing this, the discount increases to 32%. Furthermore, Aker’s market capitalization currently only reflects its holdings in AkerBP, implying you get the rest for free. Buy reiterated, NOK 502 (514) target reflects 20% discount to our portfolio company targets.