Industrial investor Aker Q3's NAV hits record on Aker BP gains

Overview

• Norway industrial investment firm's Q3 NAV rose to record high, driven by Aker BP gains

• Company declared additional NOK 29.00/share dividend, bringing full-year payout to NOK 58.00/share

• Company repurchased 565,000 shares for NOK 766 mln to settle Aker BioMarine merger

Outlook

• Company expects Cognite sale to close in Q4, adding NOK 14.7 bln in proceeds

• Company sees continued growth focus in AI infrastructure and real estate investments

Result Drivers

• AKER BP MARKET VALUE - NAV growth mainly attributed to higher market value and dividends from Aker BP

• ENERGY HOLDINGS - Co said energy holdings generated strong cash flows due to solid operations and tight oil and gas market

• NSCALE CONTRACTS - Nscale doubled total contract value with new multi-year deals in US

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

• Wall Street's median 12-month price target for Aker ASA is NOK1,582.50, about 41.3% above its November 3 closing price of NOK1,120.00

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 17 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)