Rankings Financial data & insurance broking Aker

Aker

Financial data & insurance broking · NorwayRank 19 of 829Prices 3 Nov 2026Model 1.470+ zone

15070100

In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.

Biggest deductions

NAV discount vs own history−7
Unlisted valuation (Nscale)−5
Quality of NAV growth−3

Strengths

Documented value-creating exit (Cognite)+3
Return above index+1

How the score is built

From 100 to 90, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

90Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 1,118 NOK
Median analyst target: 1,695 NOK
Upside to median: +51.6%
Analysts: 5
Target range: 1,425 – 2,100 NOK
52-week change: +42%
P/E (trailing): 3.0
Forward P/E: 2.5
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 2 findings−4 of −30

Quality of NAV growth
NAV per share rose from DKK 876 at the end of 2025 to DKK 1,478 in Q1 2026 (+69%), primarily because Nscale was written up to DKK 32bn after a private Series C round, plus approx. DKK 15bn from Aker BP. The growth is thus driven by an unlisted mark and the oil price, not by underlying cash flows; in Q2 NAV fell again from 110 to DKK 106bn.
borsvarlden.com
−3
Capital allocation (dividend vs cash flow)
Dividend of DKK 55.50 per share (TTM) equals an FCF payout of 124% of the group's free cash flow of DKK 3.3bn; the dividend is financed by subsidiary dividends and divestments, while net borrowing was DKK 10.4bn over the last 12 months.
stockanalysis.com
−1

Price

Today's multiples against the company's own history and its peers. · 2 findings−8 of −35

NAV discount vs own history
The price of DKK 1,396 (2 Oct.) is only about 2% below the Q2 NAV of DKK 1,429, vs a 20% discount at the end of Q2 (price 1,148) and about 15% at the end of 2025 (price 747 vs NAV 876). The discount, which has historically been investors' margin of safety, is almost gone after +77% over a year - and the NAV being compared with itself contains a high private AI markup.
inderes.fi
−7
Cash flow return
P/FCF 31 and FCF yield only 3.2%; the dividend yield of 4.0% is higher than the cash flow. P/B 1.44 vs a market value that has risen from DKK 56.7bn to 103.7bn since the start of the year.
stockanalysis.com
−1

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−10 of −35

Unlisted valuation (Nscale)
Nscale has become Aker's second-largest asset (NOK 32bn, about 26% of gross assets of NOK 121bn), valued at the latest private funding round. The value rests on a few large contracts (Microsoft, OpenAI/Stargate Norway, Anthropic agreement in Aug. 2026) and an enormous capital need for GPU data centers; a lower next round or a turn in AI investment could hit NAV directly.
mfn.se
−5
Oil price risk (Aker BP)
Aker BP is the largest holding and contributed about NOK 15bn of the NAV increase in Q1; listed investments of NOK 65.9bn are dominated by oil and offshore companies (Aker BP, Aker Solutions, Solstad, Akastor/HMH), so a fall in the oil price or investments on the Norwegian shelf hits NAV directly.
inderes.fi
−3
Governance and control
Free float is only 23.6 of 74.3 m shares; Kjell Inge Røkke's TRG controls about two-thirds. The minority has no real influence, and related-party transactions (e.g. the offer to take Aker BioMarine off the exchange) are decided by the main shareholder.
stockanalysis.com
−1
Debt in the group
Consolidated debt of kr 45.8bn vs kr 3.1bn in cash (net debt kr 42.7bn, up from 25.3bn at the end of 2024), Altman Z 2.58. Most of it sits in subsidiaries such as Solstad, but it increases the financial leverage behind NAV.
stockanalysis.com
−1

Plus

Only documented strengths. · 2 findings+4 of +15

Documented value-creating exit (Cognite)
Cognite is being sold to Schneider Electric at an EV of USD 3.1bn and gives about NOK 14.7bn in cash to Aker; the liquidity reserve is lifted to over NOK 20bn – a divestment to a strategic buyer that confirms an unlisted valuation.
inderes.fi
+3
Return above index
Total return of 53% in H1 2026 and 10% in Q2, clearly above the Oslo Børs benchmark index and the Brent price.
inderes.fi
+1

Caveats

What the score does not capture, or where the data is weak.

Investment company: stockanalysis' earnings figures (P/E 3.7, net income NOK 27.9bn TTM) are distorted by revaluations and the consolidation of Solstad Maritime among others, so the valuation is based on net asset value (NAV) from the company's own reports. NAV per share for Q3 will only be published on 4 Nov 2026; the discount is calculated against Q2 NAV of NOK 1,429. Industry set to 'Finance, data & insurance brokerage' like Investor AB and Exor, even though the portfolio is dominated by oil (Aker BP) and AI infrastructure (Nscale). Not flagged cyclical, as oil exposure is under half of gross assets. The historical NAV discount (approx. 15–20%) is documented only for end of 2025 and Q2 2026, not a full 10-year series.