Noble (Buy, TP: USD43.00) - The preferred choice
In light of recent improvements in the ultra-deepwater market, we have refreshed our dayrate and asset-value forecasts for the sector. After a restricted period due to DNB Bank ASA’s role in the proposed Noble/Maersk Drilling combination, we reinstate our recommendation with a BUY (NO REC) and USD43 target price, supported by our NAV. We believe Noble’s near-term cash-flow generation and contract mechanisms put it in prime position to capture upside potential in dayrates.
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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