Noble (Buy, TP: USD46.00) - Still waiting for more backlog
Despite collecting an early termination fee, 6G semi Noble Deliverer being released four months early is likely to attract investor attention. For its open capacity in 2025–2026, we still expect gaps and idle time, likely explaining why we remain well below consensus EBITDA (6–11%). Mostly due to the early termination, we have cut our 2025e EBITDA by c2%, largely offset by the termination fee (assumed booked in 2024). The current valuation implies a c9% yield to the market cap for 2025–2026e. We reiterate our BUY and USD46 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.