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Ellertsen Andre.Pdf (1.975Mb) UIS BUSINESS SCHOOL MASTER’S THESIS STUDY PROGRAM: THESIS IS WRITTEN IN THE FOLLOWING SPECIALIZATION/SUBJECT: Business Administration – Master of Science Applied Finance IS THE ASSIGNMENT CONFIDENTIAL? The assignment is not confidential (NB! Use the red form for confidential theses) TITLE: Valuation of Aker BP ASA AUTHOR(S) SUPERVISOR: Bernt Arne Ødegaard Candidate number: Name: 3091 André Ellertsen 1 Executive summary The valuation will determine the fair value of Aker BP’s equity as of January 1st, 2020, using a fundamental approach. In addition, relative valuation will be included as a supplement. The valuation is done as of January 1st because of the ongoing COVID-19 pandemic, which has influenced multiple aspects of the global markets, like oil prices, demands and interest rates. The first part of this thesis consists of an introduction of the company and its surrounding environment. Further follows relevant theory of valuation, and an explanation for choice of method. Next a strategic analysis of the company’s internal and external environment is conducted to reveal the company’s level of competitiveness. Further in the thesis the company’s financial statements are presented and explained, and a risk analysis is conducted to uncover potential short-term or long-term payment failure. Next, Future cashflows are estimated based on findings from the strategic analysis and presented along with a justification. Based on the future cashflows, and estimated WACC, a fundamental valuation is done to estimate the value of Aker BP ASA. Lastly, the valuation is combined with a value estimated from a comparative valuation approach, and a brief conclusion is given. The conclusion also includes some thoughts about the COVID-19 situation and how the first part of 2020 has affected the valuation. As of January 2nd, the price of Aker BP’s stocks was valued at NOK 209.6 in this master’s thesis. Compared to the market value of NOK 289 at the same day, and considering an error margin of ±10%, the findings support a sell strategy. 2 Foreword This valuation is written as a conclusion of my 5-year master study in economics and business administration at UIS business school. I understand that the subject of the thesis requires a broad understanding of many different economic theories. To estimate a value for Aker BP ASA I have had to employ knowledge earned through both the bachelor and master study, as well as general interest in the field. The thesis is based on personal lecture notes, as well as publicly available information like annual reports, quarterly reports, news articles and literature. No confidential information has been used because this conflicts with an anticipated investor-oriented approach. The process has been both challenging and educational. Through diving deeper into different subjects and acquiring a greater understanding of financial statements, strategy, and valuation, I am finally left with a result that I can be proud of. The added knowledge and experience from this thesis is priceless when entering the labor market in the future. I would like to utilize this opportunity to thank my family and friends for their support and positive feedback. Also, a big thanks to my supervisor Bernt Arne Ødegaard, for good advice and feedback along the way. Stavanger, 15.06.2020 X André Ellertsen 3 EXECUTIVE SUMMARY ........................................................................................................... 2 FOREWORD ........................................................................................................................... 3 1. INTRODUCTION .............................................................................................................. 8 1.1 Research question and purpose .............................................................................................................. 8 1.2 Limitations .............................................................................................................................................. 9 1.3 Structure ................................................................................................................................................. 9 2. PRESENTATION OF AKER BP ASA ................................................................................... 10 2.1 Aker BP today ....................................................................................................................................... 10 2.2 History .................................................................................................................................................. 10 2.3 Ownership structure and historical stock price ..................................................................................... 11 2.4 Product ................................................................................................................................................. 13 2.4.1 Valhall Area ........................................................................................................................................ 14 2.4.2 Ula Area .............................................................................................................................................. 14 2.4.3 Ivar Aasen Area .................................................................................................................................. 14 2.4.4 Alvheim Area ...................................................................................................................................... 14 2.4.5 Skarv Area .......................................................................................................................................... 15 2.4.6 Johan Sverdrup .................................................................................................................................. 15 2.4.7 Summary table ................................................................................................................................... 15 2.5 Competitors .......................................................................................................................................... 16 2.5.1 Vår energi ........................................................................................................................................... 16 2.5.2 Equinor ............................................................................................................................................... 16 2.5.3 Lundin ................................................................................................................................................ 17 2.5.4 DNO .................................................................................................................................................... 17 3. PRESENTATION OF THE OIL AND GAS INDUSTRY ............................................................ 18 3.1 History on the Norwegian continental shelf .......................................................................................... 18 3.2 The oil and gas industry in Norway ....................................................................................................... 19 4 3.3 Environmental challenges ..................................................................................................................... 20 3.4 Value chain ........................................................................................................................................... 20 4. VALUATION THEORY ..................................................................................................... 22 4.1 Valuation methods ................................................................................................................................ 22 4.2 Fundamental valuation ......................................................................................................................... 23 4.2.1 Equity method .................................................................................................................................... 23 4.2.2 Total capital method .......................................................................................................................... 23 4.3 Comparative valuation .......................................................................................................................... 23 4.4 Option-based valuation......................................................................................................................... 24 4.5 Choice of method .................................................................................................................................. 24 5. STRATEGIC ANALYSIS ..................................................................................................... 26 5.1 Porters Five Forces ................................................................................................................................ 26 5.1.1 The threat of entry ............................................................................................................................. 26 5.1.2 The threat of substitutes .................................................................................................................... 27 5.1.3 The power of buyers .......................................................................................................................... 28 5.1.4 The power of suppliers .....................................................................................................................
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