Financials Aker BP ASA

Equities

AKRBP

NO0010345853

Oil & Gas Exploration and Production

Market Closed - Oslo Bors Other stock markets 08:15:00 26/04/2024 pm IST			5-day change	1st Jan Change
285.2 ^NOK	+0.85%		+0.67%	-3.49%

24/04	Transcript : Aker BP ASA, Q1 2024 Earnings Call, Apr 24, 2024
24/04	Aker BP Q1 beats forecast on record output, lower cost	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,03,563	77,856	1,02,487	1,91,947	1,86,313	1,80,047	-	-
Enterprise Value (EV) ¹	1,40,112	1,09,367	1,17,734	2,18,937	2,19,491	2,20,927	2,29,964	2,42,614
P/E ratio	79.8 x	208 x	13.1 x	9.28 x	13.2 x	8.16 x	9.03 x	10.4 x
Yield	7.56%	4.72%	4.36%	6.68%	7.93%	9.04%	9.51%	10.2%
Capitalization / Revenue	3.34 x	3.02 x	2.05 x	1.45 x	1.29 x	1.29 x	1.45 x	1.6 x
EV / Revenue	4.52 x	4.25 x	2.36 x	1.66 x	1.52 x	1.59 x	1.85 x	2.16 x
EV / EBITDA	6.63 x	5.95 x	2.96 x	1.83 x	1.69 x	1.78 x	2.08 x	2.47 x
EV / FCF	73.6 x	21.9 x	4.63 x	5.53 x	10.6 x	43 x	27.9 x	66.6 x
FCF Yield	1.36%	4.58%	21.6%	18.1%	9.41%	2.32%	3.58%	1.5%
Price to Book	4.19 x	4.49 x	4.77 x	1.2 x	1.42 x	1.27 x	1.28 x	1.3 x
Nbr of stocks (in thousands)	3,59,592	3,60,111	3,77,347	6,31,197	6,30,500	6,31,300	-	-
Reference price ²	288.0	216.2	271.6	304.1	295.5	285.2	285.2	285.2
Announcement Date	11/02/20	04/02/21	10/02/22	10/02/23	08/02/24	-	-	-

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	1,31,997	1,44,516	1,39,181	1,23,988	1,12,416
EBITDA ¹	21,149	18,389	39,744	1,19,539	1,29,885	1,24,327	1,10,410	98,026
EBIT ¹	12,279	3,740	29,171	90,952	95,034	99,376	85,559	73,851
Operating Margin	39.65%	14.53%	58.48%	68.9%	65.76%	71.4%	69.01%	65.69%
Earnings before Tax (EBT) ¹	10,031	1,415	27,045	89,049	92,651	94,024	83,626	72,248
Net income ¹	1,305	386.8	7,488	16,263	14,121	21,770	19,438	16,062
Net margin	4.21%	1.5%	15.01%	12.32%	9.77%	15.64%	15.68%	14.29%
EPS ²	3.608	1.037	20.74	32.77	22.41	34.94	31.57	27.45
Free Cash Flow ¹	1,904	5,004	25,427	39,578	20,661	5,135	8,238	3,641
FCF margin	6.15%	19.43%	50.97%	29.98%	14.3%	3.69%	6.64%	3.24%
FCF Conversion (EBITDA)	9%	27.21%	63.98%	33.11%	15.91%	4.13%	7.46%	3.71%
FCF Conversion (Net income)	145.89%	1,293.73%	339.55%	243.36%	146.32%	23.59%	42.38%	22.67%
Dividend per Share ²	21.76	10.20	11.85	20.31	23.44	25.79	27.11	29.09
Announcement Date	11/02/20	04/02/21	10/02/22	10/02/23	08/02/24	-	-	-

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 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	35,654	34,476	34,127	34,887	34,381
EBITDA ¹	13,640	18,860	17,347	47,036	35,419	31,153	30,051	35,448	33,555	30,464	31,967	30,933	30,861	31,059	30,553
EBIT ¹	11,087	16,625	11,184	40,582	22,462	20,829	22,801	29,233	22,770	23,982	25,200	24,158	23,560	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%	70.68%	70.07%	69.04%	70.55%	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	25,186	24,647	24,559	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	5,983	5,769	5,747	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%	16.78%	16.73%	16.84%	15.64%	15.48%
EPS ²	8.839	14.00	5.157	12.86	1.826	3.186	6.302	10.39	2.749	9.182	9.514	9.184	9.074	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	-	6.477	6.477	6.416	-	-
Announcement Date	10/02/22	28/04/22	20/07/22	26/10/22	10/02/23	27/04/23	13/07/23	27/10/23	08/02/24	24/04/24	-	-	-	-	-

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	40,880	49,917	62,567
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.728 x	1.714 x	0.3836 x	0.2258 x	0.2554 x	0.3288 x	0.4521 x	0.6383 x
Free Cash Flow ¹	1,904	5,004	25,427	39,578	20,661	5,135	8,238	3,641
ROE (net income / shareholders' equity)	5.27%	2.05%	39.3%	24.5%	10.8%	15.2%	12.7%	11.7%
ROA (Net income/ Total Assets)	1.22%	0.36%	6.33%	6.6%	3.49%	4.86%	4.14%	3.14%
Assets ¹	1,06,961	1,06,617	1,18,351	2,46,338	4,04,943	4,47,972	4,69,400	5,10,925
Book Value Per Share ²	68.70	48.10	57.00	254.0	209.0	224.0	224.0	219.0
Cash Flow per Share ²	48.40	44.60	104.0	117.0	90.50	112.0	102.0	76.40
Capex ¹	17,822	11,041	12,050	18,601	36,334	56,245	60,177	58,120
Capex / Sales	57.56%	42.88%	24.16%	14.09%	25.14%	40.41%	48.53%	51.7%
Announcement Date	11/02/20	04/02/21	10/02/22	10/02/23	08/02/24	-	-	-

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

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

285.2 NOK

Average target price

321.7 NOK

Spread / Average Target

+12.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Exploration and Production

	1st Jan change	Capi.
AKER BP ASA	-3.49%	16.3B
CHEVRON CORPORATION	+11.22%	306B
CONOCOPHILLIPS	+12.21%	153B
CNOOC LIMITED	+51.38%	124B
CANADIAN NATURAL RESOURCES LIMITED	+22.70%	83.43B
EOG RESOURCES, INC.	+12.20%	78.06B
PIONEER NATURAL RESOURCES COMPANY	+19.56%	62.81B
OCCIDENTAL PETROLEUM CORPORATION	+13.52%	60.08B
HESS CORPORATION	+12.74%	49.91B
DIAMONDBACK ENERGY, INC.	+33.97%	37.05B

Other Oil & Gas Exploration and Production