Borr Drilling (Buy, TP: NOK110.00) - Consensus aligned
We expect Q3 to be Borr Drilling’s first quarter with positive EBITDA – we estimate USD10.9m, in line with consensus of USD10.7m. Along with a gradually improving jack-up market, we believe the company will continue to add backlog at steadily rising dayrates. This and an update on its liquidity situation are in our view key for the equity story into 2020. We reiterate our BUY and NOK110 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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