Noble (Buy, TP: USD30.00) - Sailing ahead, but wind is shifting
Despite general uncertainty in the energy markets and dayrates under pressure, our Q1e adj. EBITDA is 7% above consensus and we expect the 2025 guidance to be reiterated. We find Noble well placed to add deepwater backlog, leading to a more balanced portfolio of priced and market-linked contracts. We reiterate our BUY but have cut our target price to USD30 (35), supported by NAV, while we find it fully valued on cash flow metrics.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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