The Point for Europe

Research evidence excerpt

The Point for Europe

Point |

Wednesday, 24 June 2026

Top Call | Company | Industry | Strategy & Economics | Key Rating and Target Price Changes

Top Call

Must ReadGlobal Economic Outlook &

Aker BP (AKRBP.OL) - Next in Line to Boost Shareholder Returns Strategy - Global Resilience—Could

Growth Surprise to the Upside (YetAker BP is the last of the Norwegian Big 3 yet to announce how it will use its

Again)?windfall resulting from the Middle East conflict. Equinor has doubled its 2026

buyback, while Var Energi is considering a year-end extraordinary dividend. Aker

has benefited less given 2026 is the final year of peak capex, but we still think it

has enough surplus FCF to act. At c.$85/bbl realized oil versus the $65/bbl base-

case assumption behind the company’s February CMD plan, we estimate

c.$600mn of deployable FCF after allowing for the higher Norwegian cash tax due

in 1H27. What surprises us is that Aker’s positioning has remained strong as of 23

June despite the peace-deal unwind, suggesting the market may already be

anticipating some uplift in shareholder returns. Even so, we think the recent

pullback could offer near-term upside ahead of a potential reset.

Tianhong Bi, CFA

Company

Atlas Copco (ATCOa.ST) - Reiterate Buy into 2027/28 Upgrade Cycle

We’ve highlighted the upside to NT orders (both in CT and VT) and out-year

sales/margin as a reason to stay constructive Atlas. The recent outperformance

(Atlas shares +10% vs SXNP since early June) has seen incoming from investors if

this is as good as it gets with risk of travel and arrive into 2Q results. The tech sell

off as we write this with profit taking in stocks that have seen major

outperformance doesn’t apply to Atlas in our view with the 36% PE premium to

SXNP still well below the 60% mid-2024 peak levels.