Borr Drilling (Hold, TP: NOK16.00) - In search of balance
Q4 was miserable, with: 1) weak underlying results; 2) challenges in Mexico; and 3) limited clarity on its pressed liquidity situation. We have removed our earlier embedded premium to NAV and base our new target price on a combination of NAV and peer group valuation. We have downgraded to HOLD (BUY), with a new target price of NOK16 (75). Until it is financially de-risked, we expect investors to shy away and volatility to remain high.
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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