Aker BP ASA
Aker BP ASA engages in the exploration, field development, and production of oil and gas on the Norwegian Continental Shelf. It operates field centers, including Valhall, Ula, Edvard Grieg/Ivar Aasen, Alvheim, and Skarv. The company was formerly known as Det norske oljeselskap ASA and changed its n…
Aker BP ASA engages in the exploration, field development, and production of oil and gas on the Norwegian Continental Shelf. It operates field centers, including Valhall, Ula, Edvard Grieg/Ivar Aasen, Alvheim, and Skarv. The company was formerly known as Det norske oljeselskap ASA and changed its name to Aker BP ASA in October 2016. Aker BP ASA was founded in 2001 and is headquartered in Lysaker, Norway.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Normalised free-cash-flow DCF disagrees strongly.
Other models: NOK 29.73–1187.17 (median 608.45). The recommended value is in line with them.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price within modeled range
Uses reported dividends of NOK 23.3946 per share from Fiscal year 2025, with 2.5% perpetual growth (base growth capped at the terminal rate) and 9.2% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 2.90%, discount rate 9.20%, terminal growth 2.50% (sector defaults). See a worked example.
Blended growth assumption: 2.9% (sector default 4.6%, own revenue history 18.0%, analyst revenue consensus -5.5%).
Analyst consensus expects revenue growth of -5.5% a year; the growth assumption used is 2.9%.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — NOK 357.90 (+13.4%)
-
EPS-based Gordon proxy
— NOK 29.73 (-90.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
-
DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
-
FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
-
EV/EBITDA (12x)
— NOK 1187.17 (+276.3%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
-
Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
-
EV/Sales (Rule of 40)
— NOK 2127.80 (+574.4%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 272.94 | -15.6% |
| Base NOK 357.90 | 11.8% |
| Bull NOK 515.18 | 38.8% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At NOK 315.50 the market implies perpetual dividend growth of about this rate (discount rate 9.2%).
Compare: the market implies 1.7% a year, this model assumes 2.5%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| -1.5% | 264.87 | 237.56 | 215.36 | 196.95 | 181.45 |
| 0.5% | 350.92 | 305.35 | 270.25 | 242.39 | 219.73 |
| 2.5% | 510.20 | 420.69 | 357.90 | 311.42 | 275.63 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 88 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Growth | revenue +0.1% a year | 12 / 20 |
| Balance sheet | net debt 0.5x EBITDA | 20 / 20 |
| Margins | EBITDA margin 87% | 20 / 20 |
Peers in Energy
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| AKRBP.OL (this company) | NOK 315.50 | 11.8% | 162.4 | 1.9 | 7.4% | 96 |
| HBR.L Harbour Energy plc | GBP 2.62 | 61.8% | – | 1.4 | 7.9% | 92 |
| FANG Diamondback Energy | USD 179.58 | 36.7% | 24.4 | 1.3 | 2.4% | 100 |
| SHEL.L Shell plc | GBP 36.98 | 32.8% | 8.6 | 1.4 | 3.0% | 84 |
| AKSO.OL Aker Solutions ASA | NOK 35.92 | 22.8% | 6.8 | 1.5 | 9.1% | 75 |
| BP.L BP p.l.c. | GBP 5.54 | 19.2% | – | – | 4.4% | 69 |
| EOG EOG Resources | USD 144.89 | 6.1% | 11.1 | 2.4 | 2.8% | 92 |
| TTE.PA TotalEnergies SE | EUR 79.16 | 5.4% | 8.9 | 1.5 | 4.3% | 84 |
| OXY Occidental Petroleum | USD 56.36 | 5.2% | 8.6 | 1.3 | 1.8% | 73 |
| Peer median | 8.8 | 1.4 | ||||
Dividends
Paid in the last 12 months: NOK 24.99 per share · yield 7.92% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 24.995 |
| 2025 | 26.275 |
| 2024 | 25.978 |
| 2023 | 23.253 |
| 2022 | 19.778 |
| 2021 | 11.502 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | NOK 101,545,075,105 |
|---|---|
| EBITDA | NOK 66,917,249,647 |
| EBIT | NOK 43,031,223,034 |
| Net income | NOK 1,227,660,666 |
| Free cash flow | NOK -2,015,479,189 |
| Capital expenditures | NOK 66,583,192,323 |
| Debt | NOK 77,562,543,043 |
| Cash | NOK 24,535,582,521 |
| Working capital | NOK 11,266,083,257 |
| Shares outstanding | 631,738,272 |
| Reported dividends per share | NOK 23.3946 |