Clarksons Securities AS:ltä tullut mielenkiintoinen päivitys tänään.
Ohessa Google translaten käännös pörssitiedotteesta, joka valottaa yhtiön tämänhetkistä tilannetta.
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Oslo (Infront TDN Direkt): The current share price in Aker Carbon Capture is an opportunity for investors to “pick up money on the street”.
That’s what Clarksons Securities writes in an update on Monday.
After the announcement of SLB’s acquisition of 80 per cent of Aker Carbon Capture Holding (ACCH) at an indicated price of NOK 9.19 per ACC share, the market responded with an increase of 36 per cent on the first trading day to NOK 7.9 per share. However, on the following trading days, the share has fallen to around NOK 7.30 per share.
The brokerage shows in the update a fair post-transaction value of NOK 8.8 per share, excluding any performance-based payments and potential value increase on the remaining 20 percent of the shares in ACCH.
After the transaction, Aker Carbon Capture will have NOK 4,512 billion in cash and retain 20 percent ownership in the joint venture with SLB.
“With SLB fully financing the new enterprise, ACC’s liabilities are effectively reduced, essentially making it a holding company. With limited alternative uses from the proceeds, to our knowledge, and main owner Aker Horizons in need of liquidity, we expect a significant part of the cash position will be paid out as a dividend”, writes the brokerage house.
Full dividend payment indicates NOK 7.5 a share, which suggests that the shareholders can realize a premium to the current share price and in addition get the remaining 20 percent ownership in the new JV for free, according to the brokerage house.
Clarksons Securities concludes that the current share price essentially reflects a collar option strategy, with a floor on the return of 20 percent and a ceiling of around 70 percent.
“While there remain risks associated with the use of the proceeds (guided to be announced after the transaction is completed at the end of the second quarter of 2024) and the final completion of the transaction, we believe that this scenario presents the most likely outcome, barring any unforeseen happens”, writes the brokerage house.
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