Aker is currently trading at an unwarranted 41% discount when applying our targets for the portfolio companies, and this is before the potential upside from the proposed NBT transaction (could be NOK 65-200 per Aker ASA share). If only looking at observable values for the listed portfolio companies and our targets for Aker Energy and Cognite, we argue Aker still is attractive at a 29% discount. Buy reiterated, while target upped to NOK 703 (512).