Noble (Buy, TP: USD60.00) - Deserves a premium
With an industry-leading cash flow profile and having initiated a dividend (which we estimate will grow significantly ahead), we believe Noble deserves a premium valuation to our NAV. Thus, we have raised our target price to USD60 (52), reflecting a c20% premium to our fully diluted NAV. At our target price, the stock would be trading at a 2025e EV/EBITDA of 4.5x and cash flow yield to EV of 13%. We reiterate our BUY.
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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