Noble (Buy, TP: USD35.00) - Sensible amid wait for better times
We like Noble’s initial retirement efforts helping to signal discipline in a challenging deepwater market, despite the real effect on the market balance being limited so far. We remain more muted than consensus on its earnings profile, being 13–18% below for 2026–2027e. We see the main investor focus on shareholder return and yield, and further earnings improvement would be required for Noble to close the gap to NAV. We reiterate our BUY, but have cut our target price to USD35 (37).
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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