Noble (Buy, TP: USD32.00) - Ahead of the relisting
Noble is set to begin trading on the NYSE tomorrow (9 June), following its current listing on the OTC market. We believe transitioning to a main exchange will help it reach a larger investor audience and raise investor awareness as well as improve trading volumes. In sum, we believe this may help it trade on a par with peers, or even at a premium, compared to its current discount valuation. To close the gap to its most relevant peer, Maersk Drilling, we see 33% potential upside on asset values, while on 2023e EV/EBITDA (8.6x), we calculate 54% potential upside in Noble’s shares. We maintain our BUY and USD32 target price, and keep it among our preferred investment ideas in the offshore drilling sector.
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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