Noble Minor model adjustments
We have made minor estimate revisions to reflect recent fleet developments. Ahead of the Q1 results (due after market close on 3 May), we forecast adj. EBITDA of USD107m. The only available consensus is from Bloomberg, and with multiple elements going into our adj. EBITDA, we believe a like-for-like comparison is not possible. Still, for reference, Bloomberg consensus is USD125m. We do not consider our estimate changes to be material, and we have not changed our BUY recommendation. We reiterate our USD52 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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