Aker BP ASA (AKRBF)
割高ファンダメンタル
49
株価
$342.00
時価総額
$227.32B
パート1 · 企業の価値
概要
Aker BP explores for, develops and produces oil and gas exclusively on the Norwegian Continental Shelf. Rather than building fields from scratch everywhere, much of its strategy has been buying stakes in mature North Sea fields and modernising them with subsea technology and tied-back platforms to extract more oil at lower cost. It operates several field centres directly — Alvheim, Valhall, Skarv and Ula — and holds a large minority stake in Johan Sverdrup, one of Western Europe's largest oil fields, operated by Equinor.
収益の仕組み
Revenue comes from selling the oil and gas it extracts at prevailing market prices, plus smaller tariff income for letting other operators use its pipelines and platforms. Because prices are set by global commodity markets, Aker BP cannot control what it is paid; it instead competes on cost. The company has driven its production cost down to roughly $7-8 per barrel, well below the $10-12 many rivals report, and estimates its projects remain profitable even if oil prices fall to $35-40 a barrel.
競争優位性（moat）
コスト優位性 · 狭いAker BP reports a production cost of roughly $7-8 per barrel against $10-12 for many peers, and a portfolio breakeven around $35-40 a barrel, achieved by concentrating on mature, already-developed North Sea infrastructure rather than costlier frontier exploration. The advantage is real but not permanent: it depends on continued access to Norwegian licenses and on fields that will eventually deplete.
需要を左右する要因
景気循環型As a pure commodity producer, revenue rises and falls with global oil and gas prices, which move with worldwide economic growth, OPEC+ supply decisions and geopolitical events far outside the company's control. Low production costs cushion profitability in a downturn, but do not insulate revenue itself from the swings in the price the company is paid.
強気材料
Buyers argue that Aker BP's production cost of roughly $7-8 per barrel, far below the industry average, lets it stay profitable at oil prices where many competitors would struggle, and that its stake in the still-growing Johan Sverdrup field gives it years of low-cost production ahead.
弱気材料
Sellers worry that revenue still depends entirely on a commodity price the company cannot control, that its assets are concentrated on a single continental shelf subject to Norwegian tax and regulatory policy, and that today's low-cost fields will eventually deplete and need replacing with costlier ones.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
The dominant operator on the Norwegian continental shelf, competing with Aker BP for the same exploration acreage and operatorships in every licensing round and selling the same Norwegian crude and pipeline gas to European buyers.
The closest listed peer in profile: an independent producer focused almost entirely on the Norwegian continental shelf, chasing the same subsea tie-back projects, the same licence awards and the same oil and gas customers.
After the Sval Energi acquisition it holds well over a hundred Norwegian offshore licences and was the third-largest winner in the latest APA round, directly behind Aker BP in the race for North Sea and Norwegian Sea acreage.
Through its Norwegian arm it is both a licence partner and a rival bidder for Norwegian offshore acreage and producing-asset acquisitions, and it sells gas into the same European market.
A smaller Norwegian operator specialised in extending the life of mature offshore fields, competing with Aker BP for the same late-life assets, licence shares and offshore contractor capacity.
貸借対照表と流動性
売上高
$11.85B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$1.42B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$-353M
自己資本合計
$110.55B
負債合計
$9.73B
流動比率
1.20
利払い倍率
-
負債/EBITDA
0.96
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$219.67
現在株価
$342.00
安全マージン
-55.7%
適正価値レンジ
$142.78 - $296.55
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
151.47
ROE
12.1%
P/B レシオ
19.15
P/FCF
-
粗利益率
90.1%
ROIC
5.9%
収益性レーダー
価値創造（経済的モート）
ROIC
5.9%
WACC
11.0%
ROIC − WACC
-5.1 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（10）
- Price CAGR 8.92%
- ROIC 5.9%
- Gross Margin 90.1%
- Debt/Equity ratio
- Operating Margin 57.1%
- Current Ratio
- Debt/EBITDA
- Revenue Growth 5Y 29.7%
- PEG Ratio 1.50
- Earnings Quality (OCF/NI) 66.09
不合格（9）
- P/B Ratio 19.15
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 1.1%
- Analyst Consensus 46% Buy
- Earnings Surprise avg -22.8%
- Net Margin Trend 1.2% vs 14.8%
- Piotroski F-Score 2/9
データなし（8）
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Karl Johnny Hersvik | Chief Executive Officer | 53 |
| Mr. David Torvik Tonne | Chief Financial Officer | 40 |
| Mr. Per Harald Kongelf | Chief Operating Officer | 66 |
| Mr. Thomas Ditlev Hoff-Hansen | Chief Information Officer | 53 |
| Ms. Marit Blaasmo | Senior Vice President of People and Safety | 50 |
| Mr. Arne Tommy Sigmundstad | Senior Vice President of Drilling & Wells | 55 |
| Mr. Ole-Johan Molvig | Senior Vice President of Valhall | 53 |
| Mr. Knut Arne Kristian Sandvik | Senior Vice President of Projects | 63 |
| Ms. Ine Dolve | Senior Vice President of Alvheim | 50 |
| Mr. Lars Hoeier | Senior Vice President- NOAKA | 58 |
監査リスク
1
取締役会リスク
9
報酬リスク
6
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for AKRBF, sourced from Markets Gazette.