Aker Solutions ASA
Aker Solutions ASA provides solutions, products, systems, and services to the oil and gas industry in Norway, the United States, Brazil, the United Kingdom, Malaysia, Angola, Brunei, Canada, India, and internationally. The company operates in two segments, Renewables and Field Development; and Life…
Aker Solutions ASA provides solutions, products, systems, and services to the oil and gas industry in Norway, the United States, Brazil, the United Kingdom, Malaysia, Angola, Brunei, Canada, India, and internationally. The company operates in two segments, Renewables and Field Development; and Life Cycle. It offers field planning, feasibility, and concept studies; specialist engineering, project management, and procurement services; floater designs, offshore wind, as well as engages in design, delivery, and construction of oil and gas production, and receiving and processing facilities. The company provides carbon capture, utilization and storage, hydropower, and offshore wind solutions. Further, it designs and constructs jackets for construction services and offers electrification services; and designs and constructs offshore oil and gas production facilities and onshore receiving and processing facilities. Additionally, the company provides maintenance, modifications, decommissioning, asset integrity management, hook-up, and completion solutions. The company was founded in 1841 and is headquartered in Fornebu, Norway.Looks undervalued
5-year outlook: Not shown because confidence is low: Free-cash-flow DCF agrees.
Other models: NOK 74.52–129.51 (median 74.53). 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 below modeled range
Uses reported dividends of NOK 3.2860 per share from Fiscal year 2025, with 2% 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%, discount rate 9.20%, terminal growth 2.50% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 4.6%, own revenue history 20.8%, analyst revenue consensus -10.0%).
Analyst consensus expects revenue growth of -27.7% a year; the growth assumption used is 2.0%.
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 46.55 (+29.6%)
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EPS-based Gordon proxy
— NOK 74.52 (+107.5%)
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.
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DCF (trailing free cash flow)
— NOK 73.10 (+103.5%)
Not used: Not chosen: Dividend discount model ranks ahead of it for this company.
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FCFF (steady state)
— NOK 74.53 (+107.5%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— NOK 129.51 (+260.6%)
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.
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Fade DCF (10-year growth fade)
— NOK 73.16 (+103.7%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— NOK 262.13 (+629.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 36.07 | 0.4% |
| Base NOK 46.55 | 22.8% |
| Bull NOK 65.09 | 44.8% |
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 35.92 the market implies perpetual dividend growth of about this rate (discount rate 9.2%).
Compare: the market implies 0.0% a year, this model assumes 2.0%. 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% |
|---|---|---|---|---|---|
| -2.0% | 35.00 | 31.57 | 28.75 | 26.40 | 24.40 |
| 0.0% | 45.64 | 40.07 | 35.72 | 32.22 | 29.34 |
| 2.0% | 64.46 | 54.06 | 46.55 | 40.87 | 36.43 |
| 2.5% | 71.66 | 59.09 | 50.27 | 43.74 | 38.71 |
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: 75 / 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 5 of 5 years | 20 / 20 |
| Growth | revenue +20.8% a year | 20 / 20 |
| Margins | EBITDA margin 8% | 0 / 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 |
|---|---|---|---|---|---|---|
| AKSO.OL (this company) | NOK 35.92 | 22.8% | 6.8 | 1.5 | 9.1% | 75 |
| 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 |
| BP.L BP p.l.c. | GBP 5.54 | 19.2% | – | – | 4.4% | 69 |
| AKRBP.OL Aker BP ASA | NOK 315.50 | 11.8% | 162.4 | 1.9 | 7.4% | 96 |
| 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 | 10.0 | 1.4 | ||||
Dividends
Paid in the last 12 months: NOK 8.60 per share · yield 23.94% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 8.600 |
| 2025 | 3.300 |
| 2024 | 23.000 |
| 2023 | 1.000 |
| 2022 | 0.200 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | NOK 62,202,000,000 |
|---|---|
| EBITDA | NOK 4,916,000,000 |
| EBIT | NOK 3,454,000,000 |
| Net income | NOK 2,547,000,000 |
| Free cash flow | NOK 2,116,000,000 |
| Capital expenditures | NOK 498,000,000 |
| Debt | NOK |
| Cash | NOK 3,715,000,000 |
| Working capital | NOK -1,401,000,000 |
| Shares outstanding | 484,168,546 |
| Reported dividends per share | NOK 3.2860 |