Maersk Drilling (Buy, TP: DKK600.00) - Debut report
Maersk Drilling’s H1 report will be its first financial report since its listing last year. We forecast H1 EBITDA of USD208m, 14% below consensus of USD243m. Having a quality fleet, high North Sea exposure, and a strong balance sheet, we consider its discount to peers unjustified. The stock is trading at an EV/GAV of 0.69x, below peers’ 0.86x, and closing the gap to the peer group suggests 38% upside potential. We reiterate our BUY and DKK600 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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