Borr Drilling (Buy, TP: NOK110.00) - Set to shine in 2024e
Going into 2024, we see jackup market fundamentals improving and expect more awareness among investors about the differences between this market and the floater market, ultimately benefiting pure-play jackup names such as Borr Drilling. The company’s shareholder-friendly approach has been confirmed by the start of dividends and buybacks. We believe it has the ability to be opportune amid any potential industry consolidation. 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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