We expect Akastor to crystalise most of its value over the next couple of years through IPOs and asset sales. Its track-record through very challenging times is impressive with >15 value enhancing transactions most divested above book value. With it now expected to realise the rest into an improving oil service market, we believe the equity holders are set to benefit. We re-initiate coverage with a Buy recommendation and a SOTP based target price of NOK 17.
