|The purpose of this paper is to estimate the fair value of Aker Solutions ASA per 31.05.2017.
The fair value is held up against the market price to make a recommendation as to what
investment strategy an external, well-diversified investor should follow.
The strategic analysis concludes that Aker Solutions has a potential strategic advantage in the
longer term, but faces strong challenges in the market in the short term.
A fundamental valuation by a DCF approach is used as the main technique for estimating the
fair value. The valuation is supplemented by a multiple analysis. The fundamental valuation
gives an estimate per 31.05.2017 of 43,05 NOK/share. It is supported by the relative valuation
of 53,74 NOK/share.
Per 31.05.2017 the shares are traded at a discount relative to fair value of 3,4%. Given the
uncertainty in the estimates, a neutral investment strategy is recommended. The conclusion is
that an investor should hold shares of Aker Solutions ASA.