Buy Or Sell Opportunity • May 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to kr1,104. The fair value is estimated to be kr912, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Apr 16
Upcoming dividend of kr29.00 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 05 May 2026. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 5.1%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.3%). Declared Dividend • Mar 30
Final dividend of kr29.00 announced Shareholders will receive a dividend of kr29.00. Ex-date: 23rd April 2026 Payment date: 5th May 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (298% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 35% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: kr54.75 (vs kr14.15 loss in FY 2024) Full year 2025 results: EPS: kr54.75 (up from kr14.15 loss in FY 2024). Revenue: kr18.4b (up 43% from FY 2024). Net income: kr4.07b (up kr5.12b from FY 2024). Profit margin: 22% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Duyuru • Mar 25
Aker Asa Proposes Cash Dividend for the Fiscal Year 2025, Payable on or About 5 May 2026 Aker ASA's Board of Directors has decided to propose to the Annual General Meeting on 22 April 2026, to pay an ordinary dividend to Aker's shareholders of NOK 29.00 per share for the fiscal year 2025, and that the Annual General
Meeting authorizes the Board to adopt an additional dividend during 2026 based on the 2025 annual accounts. Last day including right: 22 April 2026. Ex-date: 23 April 2026. Record Date: 24 April 2026. Payment date: On or about 5 May 2026. New Risk • Feb 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by earnings (dividend per share is over 55x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Duyuru • Oct 14
Aker ASA and Nscale Global Holdings Ltd Appoints Kristian Røkke as Chief Executive Officer of Aker Nscale Aker and Nscale Global Holdings Ltd. have completed the closing of the 50/50% joint venture in Narvik, Northern Norway. The new company, "Aker Nscale", will deliver secure, scalable, and energy-efficient infrastructure tailored for sovereign AI workloads across Europe. Kristian Røkke has been appointed Chief Executive Officer of the new company. New Risk • Jul 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 27x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Duyuru • Apr 30
Aker ASA Approves Cash Dividend for the Year 2024, Payable on or About 13 May 2025 The Annual General Meeting of Aker ASA held on April 30, 2025, approved to distribute a dividend of NOK 26.50 per share for 2024. The dividend is payable to shareholders holding shares in the Company as per 30 April 2025. The shares will be traded ex-dividend on Oslo Stock Exchange from and including 2 May 2025. The dividend will be paid on or about 13 May 2025. Upcoming Dividend • Apr 25
Upcoming dividend of kr26.50 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 13 May 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (2.5%). Duyuru • Apr 25
Aker ASA Announces New Board Appointments, Effective 5 May, 2025 Aker ASA announced that Election of employee representatives to the Board of Directors of Aker ASA has been held and the result of the election is as follows: Torstein Engevik, Liv Hege Birkeland Løken, Marit Hargemark, Elisabeth Engelsen, Edith Bjerkan, Sigurd Andre Maraas, Inger S. Tjensvoll Vadset, Stian Sjølund and Tore Ness were elected as deputy directors. The employee representatives were elected with effect from 5 May 2025 for a period of two years. Reported Earnings • Apr 04
Full year 2024 earnings released: kr14.15 loss per share (vs kr39.10 profit in FY 2023) Full year 2024 results: kr14.15 loss per share (down from kr39.10 profit in FY 2023). Revenue: kr12.9b (down 11% from FY 2023). Net loss: kr1.05b (down 136% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Duyuru • Feb 14
Aker ASA Proposes Cash Dividend for the Fiscal Year 2024 The Board of Aker ASA has proposed a cash dividend of NOK 26.50 per share for the fiscal year 2024, to be disbursed in the second quarter of 2025. Consistent with the practice of previous years, the Board will also propose an authorization for an additional cash dividend to be distributed in the second half of 2025. New Risk • Feb 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.2% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Paying a dividend despite having no free cash flows. Duyuru • Nov 08
Aker ASA, Annual General Meeting, Apr 30, 2025 Aker ASA, Annual General Meeting, Apr 30, 2025. Duyuru • Nov 06
Aker Asa Approves Cash Dividend for 2024, Payable on or About November 19, 2024 Aker ASA's Board of Directors has, based on the authorization approved by the General Meeting on 17 April 2024, decided to pay a cash dividend to Aker ASA's shareholders in the fourth quarter 2024 of NOK 35.50 per share (in total NOK 2.6 billion), based on the 2023 annual accounts. Last day incl. right is November 7, 2024. Ex-date is November 8, 2024. Record date is November 11, 2024. Payment date: On or about November 19, 2024. Date of approval: November 6, 2024. Buy Or Sell Opportunity • Sep 02
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at kr593. The fair value is estimated to be kr742, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Jul 18
First half 2024 earnings released: kr14.89 loss per share (vs kr18.41 loss in 1H 2023) First half 2024 results: kr14.89 loss per share (improved from kr18.41 loss in 1H 2023). Revenue: kr6.10b (up 88% from 1H 2023). Net loss: kr1.11b (loss narrowed 19% from 1H 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Duyuru • Apr 17
Aker ASA Approves Ordinary Dividend for the Fiscal Year 2023, Payable on or About 29 April 2024 Aker ASA's Board of Directors at its Annual General Meeting on 17 April 2024, approved to pay an ordinary dividend to Aker's shareholders of NOK 15.50 per share for the fiscal year 2023, and that the Annual General Meeting authorizes the Board to adopt an additional dividend during 2024 based on the 2023 annual accounts. The dividend is payable to shareholders holding shares in the Company as per 17 April 2024. The shares will be traded ex-dividend on Oslo Stock Exchange from and including 18 April 2024. The dividend will be paid on or about 29 April 2024. Upcoming Dividend • Apr 13
Upcoming dividend of kr15.50 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 29 April 2024. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (2.7%). Declared Dividend • Mar 29
Final dividend increased to kr15.50 Dividend of kr15.50 is 3.3% higher than last year. Ex-date: 18th April 2024 Payment date: 29th April 2024 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 44% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: kr39.10 (vs kr196 in FY 2022) Full year 2023 results: EPS: kr39.10 (down from kr196 in FY 2022). Revenue: kr14.5b (down 45% from FY 2022). Net income: kr2.91b (down 80% from FY 2022). Profit margin: 20% (down from 55% in FY 2022). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Mar 21
Aker ASA Proposes Ordinary Dividend for the Fiscal Year 2023, Payable on or About 29 April 2024 Aker ASA's Board of Directors has decided to propose to the Annual General Meeting on 17 April 2024, to pay an ordinary dividend to Aker's shareholders of NOK 15.50 per share for the fiscal year 2023, and that the Annual General Meeting authorizes the Board to adopt an additional dividend during 2024 based on the 2023 annual accounts. Ex-date: 18 April 2024. Record Date: 19 April 2024. Payment date: On or about 29 April 2024. New Risk • Feb 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Significant insider selling over the past 3 months (kr4.1m sold). Recent Insider Transactions • Nov 19
Insider recently sold kr4.1m worth of stock On the 15th of November, Atle Kigen sold around 6k shares on-market at roughly kr689 per share. This transaction amounted to 68% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Jul 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Reported Earnings • Jul 19
First half 2023 earnings released: kr26.31 loss per share (vs kr202 profit in 1H 2022) First half 2023 results: kr26.31 loss per share (down from kr202 profit in 1H 2022). Revenue: kr7.15b (down 64% from 1H 2022). Net loss: kr1.96b (down 113% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 17
Upcoming dividend of kr15.00 per share at 4.2% yield Eligible shareholders must have bought the stock before 24 April 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 7.9% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.8%). Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: kr190 (vs kr21.28 in FY 2021) Full year 2022 results: EPS: kr190 (up from kr21.28 in FY 2021). Revenue: kr26.4b (up 196% from FY 2021). Net income: kr14.1b (up kr12.6b from FY 2021). Profit margin: 54% (up from 18% in FY 2021). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 16
Chief Financial Officer recently bought kr617k worth of stock On the 10th of November, Svein Stoknes bought around 1k shares on-market at roughly kr617 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Svein's only on-market trade for the last 12 months. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Deputy Chairman Frank Reite was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 13
Chief Financial Officer recently bought kr617k worth of stock On the 10th of November, Svein Stoknes bought around 1k shares on-market at roughly kr617 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Svein's only on-market trade for the last 12 months. Reported Earnings • Aug 18
First half 2022 earnings released: EPS: kr202 (vs kr8.91 loss in 1H 2021) First half 2022 results: EPS: kr202 (up from kr8.91 loss in 1H 2021). Revenue: kr20.0b (up kr16.8b from 1H 2021). Net income: kr15.0b (up kr15.7b from 1H 2021). Profit margin: 75% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Deputy Chairman Frank Reite was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 18
Upcoming dividend of kr14.50 per share Eligible shareholders must have bought the stock before 25 April 2022. Payment date: 03 May 2022. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (4.6%). Higher than average of industry peers (2.7%). Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: kr20.36 (vs kr7.78 in FY 2020) Full year 2021 results: EPS: kr20.36 (up from kr7.78 in FY 2020). Revenue: kr9.17b (up 35% from FY 2020). Net income: kr1.51b (up 162% from FY 2020). Profit margin: 17% (up from 8.5% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 14
Director recently bought kr518k worth of stock On the 12th of November, Kristin Margrethe Devold bought around 590 shares on-market at roughly kr877 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jul 18
First half 2021 earnings released: kr8.91 loss per share (vs kr19.06 loss in 1H 2020) The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: kr3.13b (down 16% from 1H 2020). Net loss: kr662.0m (loss narrowed 53% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Executive Departure • May 02
Employee Representative Director has left the company On the 28th of April, Tommy Angelveit's tenure as Employee Representative Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Tommy's name. A total of 2 executives have left over the last 12 months. Upcoming Dividend • Apr 22
Upcoming dividend of kr11.75 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 07 May 2021. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (6.8%). Is New 90 Day High Low • Feb 10
New 90-day high: kr744 The company is up 67% from its price of kr446 on 11 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: kr689 The company is up 75% from its price of kr394 on 21 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: kr583 The company is up 39% from its price of kr418 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Dec 19
New 90-day high: kr542 The company is up 29% from its price of kr419 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Dec 04
New 90-day high: kr518 The company is up 33% from its price of kr389 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Nov 11
New 90-day high: kr439 The company is up 5.0% from its price of kr418 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. 
