Noble (Buy, TP: USD60.00) - Long-term story intact, near-term focus on rollovers and start-ups
We consider the long-term investment case with solid cash-return potential (also in 2024) intact, and estimate cash-flow yields of c15% for 2025 and 2026. We are just above consensus on Q4e EBITDA, while we are c7% below on 2024e EBITDA, likely as we assume idle time for the Globetrotter rigs and see a risk of a delayed start-up with Petrobras. We reiterate our BUY and USD60 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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