Financials Aker BP ASA OTC Markets

Equities

AKRBY

US00973R1032

Oil & Gas Exploration and Production

Market Closed - OTC Markets Other stock markets 10:55:47 2024-06-25 EDT			5-day change	1st Jan Change
11.96 ^USD	-1.16%		-1.16%	-6.05%

01:57pm	Clarksons Securities Starts Aker BP Coverage with Buy Rating	MT
06-21	Aker BP-led Partnership Secures Carbon Dioxide Storage License in Norway	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	103,563	77,856	102,487	191,947	186,313	168,424	-	-
Enterprise Value (EV) ¹	140,112	109,367	117,734	218,937	219,491	210,791	220,833	232,471
P/E ratio	79.8 x	208 x	13.1 x	9.28 x	13.2 x	7.6 x	8.43 x	9.73 x
Yield	7.56%	4.72%	4.36%	6.68%	7.93%	9.65%	10.1%	10.8%
Capitalization / Revenue	3.34 x	3.02 x	2.05 x	1.45 x	1.29 x	1.24 x	1.35 x	1.5 x
EV / Revenue	4.52 x	4.25 x	2.36 x	1.66 x	1.52 x	1.55 x	1.77 x	2.07 x
EV / EBITDA	6.63 x	5.95 x	2.96 x	1.83 x	1.69 x	1.74 x	2 x	2.37 x
EV / FCF	73.6 x	21.9 x	4.63 x	5.53 x	10.6 x	41 x	22.2 x	58.8 x
FCF Yield	1.36%	4.58%	21.6%	18.1%	9.41%	2.44%	4.51%	1.7%
Price to Book	4.19 x	4.49 x	4.77 x	1.2 x	1.42 x	1.21 x	1.2 x	1.24 x
Nbr of stocks (in thousands)	359,592	360,111	377,347	631,197	630,500	630,800	-	-
Reference price ²	288.0	216.2	271.6	304.1	295.5	267.0	267.0	267.0
Announcement Date	2/11/20	2/4/21	2/10/22	2/10/23	2/8/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	30,965	25,749	49,883	131,997	144,516	136,245	124,497	112,470
EBITDA ¹	21,149	18,389	39,744	119,539	129,885	121,191	110,610	98,052
EBIT ¹	12,279	3,740	29,171	90,952	95,034	95,810	89,034	75,661
Operating Margin	39.65%	14.53%	58.48%	68.9%	65.76%	70.32%	71.52%	67.27%
Earnings before Tax (EBT) ¹	10,031	1,415	27,045	89,049	92,651	92,039	84,423	72,167
Net income ¹	1,305	386.8	7,488	16,263	14,121	21,909	19,510	15,916
Net margin	4.21%	1.5%	15.01%	12.32%	9.77%	16.08%	15.67%	14.15%
EPS ²	3.608	1.037	20.74	32.77	22.41	35.15	31.67	27.45
Free Cash Flow ¹	1,904	5,004	25,427	39,578	20,661	5,135	9,952	3,954
FCF margin	6.15%	19.43%	50.97%	29.98%	14.3%	3.77%	7.99%	3.52%
FCF Conversion (EBITDA)	9%	27.21%	63.98%	33.11%	15.91%	4.24%	9%	4.03%
FCF Conversion (Net income)	145.89%	1,293.73%	339.55%	243.36%	146.32%	23.44%	51.01%	24.84%
Dividend per Share ²	21.76	10.20	11.85	20.31	23.44	25.77	27.05	28.87
Announcement Date	2/11/20	2/4/21	2/10/22	2/10/23	2/8/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	16,270	21,529	20,098	50,458	38,817	35,158	32,922	39,233	37,594	33,645	34,755	21,340	33,727	32,976	30,060	34,381
EBITDA ¹	13,640	18,860	17,347	47,036	35,419	31,153	30,051	35,448	33,555	30,464	30,994	-	29,885	29,175	26,184	30,553
EBIT ¹	11,087	16,625	11,184	40,582	22,462	20,829	22,801	29,233	22,770	23,982	24,517	8,882	24,085	23,401	24,614	24,042
Operating Margin	68.14%	77.22%	55.65%	80.43%	57.87%	59.24%	69.26%	74.51%	60.57%	71.28%	70.54%	41.62%	71.41%	70.96%	81.88%	69.93%
Earnings before Tax (EBT) ¹	10,718	17,262	10,572	38,765	22,084	19,374	22,078	28,643	22,923	22,845	24,068	-	24,109	23,742	23,734	23,129
Net income ¹	3,203	5,030	1,860	8,119	1,140	1,986	4,011	6,569	1,732	5,804	5,482	-	5,571	5,484	5,455	5,323
Net margin	19.69%	23.36%	9.25%	16.09%	2.94%	5.65%	12.18%	16.74%	4.61%	17.25%	15.77%	-	16.52%	16.63%	18.15%	15.48%
EPS ²	8.839	14.00	5.157	12.86	1.826	3.186	6.302	10.39	2.749	9.182	8.695	-	8.847	8.664	8.689	8.469
Dividend per Share ²	3.665	4.511	4.761	5.433	5.331	5.851	5.502	6.143	5.860	6.599	6.487	6.421	6.515	6.472	6.619	-
Announcement Date	2/10/22	4/28/22	7/20/22	10/26/22	2/10/23	4/27/23	7/13/23	10/27/23	2/8/24	4/24/24	-	-	-	-	-	-

¹NOK in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	36,549	31,511	15,246	26,990	33,178	42,367	52,409	64,048
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.728 x	1.714 x	0.3836 x	0.2258 x	0.2554 x	0.3496 x	0.4738 x	0.6532 x
Free Cash Flow ¹	1,904	5,004	25,427	39,578	20,661	5,135	9,952	3,954
ROE (net income / shareholders' equity)	5.27%	2.05%	39.3%	24.5%	10.8%	15.7%	12.4%	11.7%
ROA (Net income/ Total Assets)	1.22%	0.36%	6.33%	6.6%	3.49%	4.93%	4.16%	3.17%
Assets ¹	106,961	106,617	118,351	246,338	404,943	444,118	468,883	502,043
Book Value Per Share ²	68.70	48.10	57.00	254.0	209.0	220.0	223.0	216.0
Cash Flow per Share ²	48.40	44.60	104.0	117.0	90.50	107.0	103.0	74.30
Capex ¹	17,822	11,041	12,050	18,601	36,334	56,289	60,331	58,903
Capex / Sales	57.56%	42.88%	24.16%	14.09%	25.14%	41.31%	48.46%	52.37%
Announcement Date	2/11/20	2/4/21	2/10/22	2/10/23	2/8/24	-	-	-

¹NOK in Million²NOK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aker BP ASA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

267 NOK

Average target price

319.1 NOK

Spread / Average Target

+19.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Exploration and Production

	1st Jan change	Capi.
CHEVRON CORPORATION	+6.23%	292B
CNOOC LIMITED	+73.46%	143B
CONOCOPHILLIPS	-0.93%	134B
CANADIAN NATURAL RESOURCES LIMITED	+11.44%	75.78B
EOG RESOURCES, INC.	+3.80%	72.15B
OCCIDENTAL PETROLEUM CORPORATION	+5.68%	55.95B
HESS CORPORATION	+4.00%	46.04B
DIAMONDBACK ENERGY, INC.	+27.60%	35.29B
WOODSIDE ENERGY GROUP LTD	-8.85%	35.24B

Other Oil & Gas Exploration and Production