Aker ASA, a Norwegian industrial holding company with stakes in Aker BP, Aker Solutions, Cognite, Aker BioMarine, and others, is currently very attractively valued on a fundamental basis, but the stock price is technically overheated following an extreme rally. I would be cautious about new purchases; for existing shareholders, there are strong arguments for partial sales or, at the very least, adding to positions only during a correction.
Aker is not a traditional oil company, but rather an actively managed investment company focused on energy, offshore, green technologies, industrial software, and marine biotechnology. Valuation should therefore be based primarily on NAV, dividends, and portfolio performance—the traditional P/E ratio is of limited use here.
NAV Valuation
This is the most important valuation benchmark:
NAV at the end of 2025: 67.26 billion NOK, or 905 NOK per share.
NAV for H1 2026: approximately 106 billion NOK after dividends, an increase of nearly 40 billion NOK.
Current share price: approx. 1,290 NOK.
Price-to-NAV ratio: around 1.43 based on the H1 2026 NAV, assuming the NAV is roughly divided by the number of shares.
This means that Aker is no longer trading at a traditional holding company discount, but rather at a premium to NAV. This is only justified if investors continue to expect strong value growth from companies such as Nscale, Cognite, Aker BP, or other portfolio companies.
Aker is not a traditional oil company, but rather an actively managed investment company focused on energy, offshore, green technologies, industrial software, and marine biotechnology. Valuation should therefore be based primarily on NAV, dividends, and portfolio performance—the traditional P/E ratio is of limited use here.
NAV Valuation
This is the most important valuation benchmark:
NAV at the end of 2025: 67.26 billion NOK, or 905 NOK per share.
NAV for H1 2026: approximately 106 billion NOK after dividends, an increase of nearly 40 billion NOK.
Current share price: approx. 1,290 NOK.
Price-to-NAV ratio: around 1.43 based on the H1 2026 NAV, assuming the NAV is roughly divided by the number of shares.
This means that Aker is no longer trading at a traditional holding company discount, but rather at a premium to NAV. This is only justified if investors continue to expect strong value growth from companies such as Nscale, Cognite, Aker BP, or other portfolio companies.
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@Smudeo Thanks for the detailed answer. Do you hold this stock in your portfolio?
Yes, the stock has already performed well, but I think that’s simply because it’s a good company. It would have been nice to have gotten in earlier, but after the recent minor pullback, I felt the time was right for my first purchase. I like its broad, solid portfolio combined with a dash of future-oriented technologies. 🙂
Yes, the stock has already performed well, but I think that’s simply because it’s a good company. It would have been nice to have gotten in earlier, but after the recent minor pullback, I felt the time was right for my first purchase. I like its broad, solid portfolio combined with a dash of future-oriented technologies. 🙂
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