Arctic FLASH: Aker - Row, Row, Row to the Bank: Cognite Clinches Clean Sheet Just Before Kick-off

研报英文原文证据摘录

Arctic FLASH: Aker - Row, Row, Row to the Bank: Cognite Clinches Clean Sheet Just Before Kick-off

Aker Buy Hold

AKER NO | Other Energy | Equity Company Flash | 30 June 2026 | 19:02 Sell

Row, Row, Row to the Bank: Cognite Clinches Clean Sheet Just Before Financials Target NOK 1,160.00

Kick-off

Key Figures (NOKm) Dec-21 Dec-22 Dec-23 Highlights

● Cognite sold to Schneider Electric for ~USD 3.1bn Recommendation Buy

● Implies NAV uplift of ~NOK 100 per share Target Price NOK 1,160.00

Share Price NOK 1148

● Net proceeds of ~NOK 14.7bn...

Upside (%) 1.0

● ...bring AKER close to net cash position

Market cap (NOKm) 85,321

Enterprise Value (NOKm) 89,924

Just before Norway kicks off against the Ivory Coast at the World Cup, Aker pulls off its own match- Number of shares (m) 74

winner – announcing a surprise USD 3.1bn sale of Cognite to Schneider Electric.

12 months share price performance:

Performance (%) 3M 6M 1YAker, together with the other shareholders, has agreed to sell Cognite (where it owns 50.5% stake) AKER NO 10.3% 53.7% 86.3%

to Schneider Electric for an EV of USD 3.1bn. Estimated net proceeds to AKER are ~USD 1.48bn 17001600 OSEBX 7.3% 49.5% 75.3%

(~NOK 14.7bn), including settlement of its outstanding loan, implying an NAV uplift of ~NOK 7.4bn 1500

(~NOK 100/share). 1400

Following the sale, we derive M-t-M NAV of NOK 1,439 per share, implying ~20% discount at 1100

last close. More importantly, the cash proceeds are practically bringing AKER close to a net cash 1000

position (targeted as part of the new strategy), and the transaction removes valuation uncertainty 900800

related to the Cognite stake. It also leaves the Nscale stake as the single largest unlisted position 700

(representing ~26% of AKER’s GAV) and strengthens AKER’s track record in executing value- 600