Noble (Buy, TP: USD46.00) - Helping 2025e visibility
We find 2025e earnings visibility improved, which is likely to be welcomed by investors, on the confirmed Tullow Ghana job for 2025–2026 execution, and surprisingly, work for tier-2 drillship Globetrotter I with near-term startup. The long-term consensus is too high, in our view, but the 2025–2026e yield potential of c10% is supportive. We reiterate our BUY and USD46 target price.
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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